Obama’s Mortgage Raises Eyebrows — For The Better

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While it’s hard to compare to completely forgetting to pay your taxes, the mortgage that Barack Obama and his wife took out to purchase their $1.65 million home has raised a few questions. The two were able to take out a loan with a locked in interest rate of 5.625 percent on a 30-year mortgage. At the time, 6 percent was closer to average.

I don’t think there was any hanky panky in the mortgage process — though I do think that the fact that Obama could put down ‘Senator’ as his job title probably helped just a little bit. But the real facts of the matter draw a much clearer contrast between Obama and John McCain. On Monday, I wrote about the McCains’ credit card debt — over $100,000 despite Cindy McCain’s many millions. Obama and his wife carry no credit card. None. Nil. Nada. Honestly, that’s an accomplishment in this day and age. Even more impressive is the clear priority they’ve put on savings: the Obamas have college savings accounts for both of their daughters, worth between $100,000 and $250,000 each.

Leaving policy aside, I’m much more impressed with Obama’s ability to handle money. I think he might do a better job with the national budget than McCain can, if only because he’ll keep an eye on the details. Of course, where Obama will spend the money is a different matter entirely.