Obamas Diverge With Bidens on Mortgage Refinancing
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President Barack Obama, who has encouraged homeowners to refinance their mortgages to take advantage of lower interest rates, hasn’t taken his own advice.
Obama, 52, and first lady Michelle Obama, 50, are still making payments on the same mortgage they took out when they purchased their Chicago residence in 2005 at an interest rate of 5.625 percent, according to a disclosure form released today. The form also showed little change in the family’s finances from last year.