God help us!

There are some legal/factual questions about what you’ve posted. Source documents would allow me to explain all this to you fully since I am an experienced real estate practitioner as well as having a background in investigations.

1. Micelli cannot be the owner of the property if the Obamas are the ones to bought it and took out the loans. This would be a violation of the loan terms in any state unless the lender permitted the transfer (and there well could be a document at the recorders office showing that approval).

2. There should be no legal means by which the Obama purchase could be a FNM or FMC backed loan since it is considered a non-conforming super-jumbo (over $1M and twice the FHA limits for Chicago or anywhere else). And if it WAS backed by them then it would be either one or the other – not both. There are mentions of both in some loan document but it doesn’t mean that the loan is secured by either entity. Typically, loan documents and recorders documents don’t tell you whether or not a loan is backed by FNM or FMC because it only becomes an issue if the loan defaults. Otherwise, you should just see the lenders name.

3. Anybody who knows a realtor in the Chicago area can ask them to call up a local title/escrow company and get a property profile pulled on this address. The title companies keep all these records electronically for immediate access in the process of title searches before they issue insurance on any transaction. The profile will have things like the Trust Deed, Transfer documents, tax documents, copy of the loan instrument (which includes term, payments, down payments, etc) as well as any other encumbrances or lien holders (like a second mortgage, line of credit, mechanics lien, etc).

With the source document (which are all public) posted online, we can quickly determine what is the part about this deal which stinks the most.

Right now, my money is on the Rezko involvement with the adjoining lot. This was a $600,000 contribution to Obama which has never been appreciated for its true corruption. Obama would never have gotten his offer accepted by the seller if he had not had Rezko to put up $625,000 to buy the adjacent lot. The seller purportedly had offers for both but Obamas offer on the house was better. But without the Rezko offer to buy the lot, Obama would have been rejected. Rezko didn’t want, need or plan to use that lot. He made a $625,000 contribution to the future of his political relationship with Obama. The appraisal on the lot was faked by Rezkos lender (employees have reported to the FBI) and it appears Rezko overpaid for the lot by at least $125,000 in order to make the Obama side of the deal acceptable.

Rezko then turns around and sells off 1/6th of the lot to Obama to allow him a side yard. Nice, huh? Considering that the lot likely could not be subdivided without approval of the planning commission and that the lot is now either unbuildable because of its current narrow size or it is barely buildable, the lot is now worth either ZERO or it is worth as much as any piece of land which is not developable. By cutting the lot off on one side, the value of the land would be literally gutted. It would be the equivalent of buying a home – pulling out all the carpet, cabinets, appliances, fixtures – and then trying to get it reappraised for the same price. Rezko not only sold Obama part of the lot but he also essentially dumped the value of the remaining lot by making it unbuildable.

Rezko also would also certainly violated the terms of his loan by having subdivided the land without the lenders permission. The only way Rezko could have legally done the land sale to Obama would have been to 1. Get permission from the city/county to subdivide the land and get a zoning approval to change the parcel from its current size to the new smaller size. If the remainder of the lot did not meet existing zoning minimums for a residential lot in that zone, Rezko would have needed a zoning variance approved (wouldn’t be hard in a Daley town using Daley buddies). 2. Rezko would have had to paid off or refinanced his existing loan on the lot with Mutual Bank to account for the new smaller lot and its new value. The original $500,000 loan should have been FORCED to be paid off when the lot was cut up by Rezko. Legally, Rezko would have committed fraud by altering the land without getting rid off the loan first.

Some thoughts from another rightwing cutthroat….

All hail President Biden. He will be giving Abraham Lincoln’s acceptance speech on Jan 19, 2009.