Thats baloney. If it has a market value, it can be borrowed against. Besides this 'vacant land' was part of the houses yard when the prior owner had it.
Banks don't like to make loans on vacant land.
First off, you can borrow on any land with a market value. Second, its irrelevant to the issue of why the wife of a bankrupt developer would buy a 60' strip of yard for $625K - whether she paid cash or borrowed the money.
a rich man's/woman's bankruptcy is not the kind of bankruptcy the average joe experiences. They still have cash reserves.
Oh yeah, liberal mythology. You know, some people think there is a special tax credit in the tax law for people beyond a certain income level.
It was before he ran for president.
I know. If they'd known he was gonna be subject to Presidential campaign scrutiny they'd never have tried to launder a payoff so transparently. Sorta like the Clinton cattle futures trading profits.
The Obama's live in a ritzy neighborhood. Not one with tiny lots.
You're not very well traveled, are you? Some of the most expensive homes in this country are on tiny lots.
Obama's home is not on a tiny lot. Nor are the homes in his neighborhood on tiny lots.
The Chicago Sun-Times sums up the earlier transaction:
This would be the third time the property has changed hands since June 2005, when Rezko's wife, Rita, bought the property from a doctor for $625,000. It was the same day Obama bought the doctor's adjacent house for $1.65 million. Obama paid $300,000 below the doctor's asking price; Rezko paid full price.
About six months later, Obama expanded his property when he paid Rezko $104,500 for one-sixth of the vacant lot. Obama has since called that deal "boneheaded'' and a "mistake'' because Rezko's husband was widely known to be under federal investigation at the time. Tony Rezko was indicted a few months later, accused of demanding kickbacks from companies seeking state business under Gov. Blagojevich.
What the Sun-Times failed to mention is that the home and adjacent property had in previous transactions been sold as one unit. The appearance of course is that Obama, after he purchased the one-sixth portion of the lot, was beginning the first of several transactions to recombine the two parcels--which in essence would make Rita Rezko someone who was really involved in a backhanded loan to Obama who of course in 2005 was a US Senator.
Kenwood, particularly Obama's street, is a nice neighborhood-- and Obama lives on a mansion row.
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