Chicago developer Tony Rezko provided the bridge that made it possible for Barack Obama to buy his $1.65 million dream house by arranging for the price to be lowered by splitting the acreage and having his wife pay full price ($625,000) for a 9090 sq. ft. portion of the side yard accessible only through the main property now designated a “development lot.” Obama got $300,000 off the asking price for the rest.
Well, what do you know? It seems the side yard parcel purchased by Mrs. Rezko wouldn’t appraise, and the bank appraiser who rejected a $625,000 valuation was fired and a new reappraisal mysteriously substituted for his estimate of no more than $500,000.
They call that bank fraud.
The Washington Times has the story.