President Barack Obama has a fat account at JPMorgan Chase & Co. and a mortgage on his Chicago home that he should probably refinance.
Obama’s financial disclosure forms, released today, show assets of at least $2.5 million, including a JPMorgan account worth at least $500,000.
JPMorgan announced last week that it suffered a $2 billion loss on a risky hedge. But even as the White House has used the company’s trading loss as an argument for its Wall Street regulatory overhaul, Obama has been friendly, if not necessarily “friends,” with JPMorgan CEO Jamie Dimon. The president even praised Dimon during a taping of “The View” that aired today.
Obama’s disclosures also show he has a more than $500,000 mortgage on his Illinois home with a 5.625 percent interest rate he took out in 2005. That’s much higher than current rates, which can run below 4 percent. Ironically, Obama has pushed refinancing as a part of his Congressional “to-do list,” saying the average family would be able to save thousands of dollars a year.
That would certainly be true for Obama if he took his own advice.
Although they haven't refinanced, the Obamas appear to have paid off a significant chunk of their mortgage. The Chicago Tribune reported in 2009 the mortgage originally was for $1.32 million, but the disclosure form reports the mortgage as between $500,000 and $1 million.
Vice President Joseph Biden is a relative pauper. He reported assets of at least $239,000 and at least $175,000 in liabilities, not counting his mortgage. Biden’s mortage also exceeds $500,000, but carries a friendlier 4.625 percent rate. Biden has several smaller loans, including a loan with a 9.99 percent interest rate from the United States Senate Federal Credit Union that he took out in 2007. That loan is for at least $15,000.
Financial disclosure forms do not require reporting of specific amounts, but instead report assets and liabilities in broad ranges, making it impossible to determine exact net worth.
Rep. Elijah Cummings, D-Md., right, hugs Harold Schaitberger, General President of the International Association of Fire Fighters, after the Congressman spoke at the IAFF's Legislative Conference General Session at the Hyatt Regency on Capitol Hill, March 9, 2015. The day featured addresses by members of Congress and Vice President Joe Biden.