BREAKING: Obama Land Deal with Rezko and Mutual Bank Subject of New Court Complaint

No Quarter introduced readers to the Mutual Bank in Chicago after a Chicago Sun-Times columnist mentioned how a certain financial institution in Chicago would become the subject of a federal probe to be conducted by Fitzgerald’s prosecutors in relation to the conviction of Antoin “Tony” Rezko. Although I cautioned I did not have conclusive evidence when I argued Mutual Bank is most probably the financial institution in question, it now appears I may have been correct.

For according to a Washington Times exclusive printed today, a Real Estate and Commercial Credit Analyst of Mutual Bank has assumed whistleblower status and filed complaint against his former employer.

The subject of his complaint is the Mutual Bank and its potentially fraudulent reappraisal of the lot on which Obama’s home sits.

Obama, we recall, was only able to purchase the mansion he could not afford in June 2005 as a result of Rita Rezko’s ability to secure a mortgage for the lot on which the home sits from Mutual Bank.

And yes, Obama is involved in this complaint, for his decision to purchase a 10 foot strip of the lot on which his home sits from Rita Rezko in January 2006 was, according to the complaint, the reason why these potentially fraudulent reappraisals of the Rita Rezko lot were drafted.

I quote the Washington Times:

In a complaint filed Thursday in the Circuit Court of Cook County, Kenneth J. Connor said that his reappraisal of Rita Rezko’s property was replaced with a higher one and that he was fired when he questioned the document.

Mr. Connor, a real estate and commercial credit analyst at the Mutual Bank Corp. in Chicago, also noted in the complaint that the bank received a grand jury subpoena in October 2006 requiring it to produce information concerning Mrs. Rezko’s purchase, including the bank’s files on the property.

Mutual Bank, Rita Rezko’s account and the mortgage Rita Rezko received from Mutual for the lot on which Obama’s home sits were the subjects of a grand jury subpoena in 2006. I recommend you read my essay on Rita Rezko, the Obama land deal and Mutual Bank for an explication of why the mortgage she received from Chicago machine banker “Uncle” Amrish Mahajan of Mutual would have raised the eyebrows of federal prosecutors.

The Washington Post continues:

The complaint also said that the grand jury wanted information on Mrs. Rezko’s checking account and loan file and that the Federal Deposit Insurance Corp. (FDIC) had audited the Rezko file - although Mr. Connor’s lower reappraisal had been replaced with a higher amount.

“Connor’s internal whistle-blowing activity at Mutual Bank implicates Mutual Bank and the potentially guilty officers thereof to prosecution under federal and Illinois statutes,” said the complaint, filed by attorney Glenn R. Gaffney.

The complaint said Mutual Bank officials could be guilty of making false statements, willfully overvaluing property, bank fraud, witness retaliation, willful violation of a lawful subpoena, FDIC violations, and state banking regulations…

According to the complaint, Mr. Connor reviewed the appraisal of the Rezko property by another firm, Adams Appraisal, which had set the value at $625,000. Mr. Connor’s complaint said that he told his bosses in a report that the property had been overvalued by at least $125,000 and that a “reasonable and fair evaluation” should have been no greater than $500,000.

Why would Mutual Bank desire to inflate the value of the Rezko property on which the Obama home sits? Why would Mutual Bank risk obstructing justice? A paragraph in the Washington Times exclusive answers these questions. I quote them again:

The complaint said the Rezko loan was approved by Mutual Bank President and CEO Amrish Mahajan and others so that Mrs. Rezko could buy a 9,090-square-foot vacant parcel of real estate. It said that in January 2006, Mrs. Rezko and Mr. Obama, along with his wife Michelle, signed an agreement to sell a 10-foot strip of the property to the Obamas. At that point, according to the complaint, Mr. Connor’s firm asked him to conduct the reappraisal.

Connor, in other words, was fired for noting that the value of the property had been inflated.

For if Mutual adhered to Connor’s appraisal, Rita Rezko would have received less money from Obama for the ten foot strip of land next to his home he purchased from the convicted slum landlord’s wife.

And Mahajan, the CEO of Mutual, had an interest in ensuring Rezko would receive more money from Obama, for Mahajan is deeply imbricated in the Chicago machine that used Obama to funnel government revenue into the privatization of public housing scheme from which Obama’s friends profited.

Now wonder why Mutual removed Connor’s appraisal from the Rita Rezko file.

Mahajan, the Mutual Bank, Rita Rezko and the Obama land deal are now the subjects of a complaint filed with the Circuit Court of Cook County, and Obama’s financial dealings with the Mutual Bank and with Rita and Antoin “Tony” Rezko are the subjects of news articles that explore Chicago corruption and questionable real estate transactions.

I guess the deal really was “boneheaded.”

No Quarter asked readers to focus on the land deal and on Mutual when the Chicago Sun-Times mentioned that a financial institution is the subject of federal prosecutors’ interest, for Obama’s decision to purchase land from Rita Rezko catalyzed all the press on his questionable land deal with convicted slumlord Antoin “Tony” Rezko.

Now we know that transaction was the subject of a federal subpoena in 2006, and now we know a complaint has been filed against Mutual for intimidating employees and attempting to increase the value of the Obama lot most probably in order to ensure Rita Rezko would receive enough money to repay the $500,000 loan she received from Mahajan and the Mutual Bank even though she only earns $35,000 per annum at her government job.

Much more is to be learned about this land deal. But now that it is the subject of a complaint and a federal subpoena filed in 2006, I imagine we will learn that Obama chose Rezko to tour the mansion and purchase the lot on which it sits in order to ensure that he could later repay Rezko for the land he could not afford.

Why else did Mahajan, one of Rezko’s bankers who also sat on the Chicago Plan Commission of Daley with Valerie Jarrett and Allison Davis, manipulate the value on the lot when Obama was ready to repay the Rezkos for the favor?

Must money always be kept within a small network of corrupt Chicago machine cogs?

I imagine we will read more about Obama and his financial dealings with Rita Rezko and Amrish Mahajan’s Mutual Bank before votes are cast in November. It was a “boneheaded” deal indeed, Senator Obama.

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No Quarter dossier on Obama and Rezko:

• About the Financial Institution Mentioned in the Chicago Sun-Times: Obama, Tony Rezko, Amrish Mahajan, the Kenwood Mansion & Rita Rezko
• Rezko, Giannoulias, Obama - Dominoes?
• CORROBORATED: Rezko Speaks, Prosecutors Interested in Obama Listen
• More Than Just a Boneheaded Mistake
• The Epistolary Rezko
• The Illinois Combine II: The DNC Moves Into Chicago
• Obama’s Gangster Mentality
• Prescience: “Will Rezko Blow Up Obama?”
• “CHICAGO MACHINE”
• The Tipping Point?
• Barack, The Truth Ain’t A Smear
• Recently Unsealed Documents Confirm Obama Heavily Embroiled in Rezko Case
• Boston Globe Exposé, Part II: Barack Obama (D-Slumlord) Is Aloof, Oblivious, Dangerous
• Boston Globe Exposé, Part I: Introducing Cecil Butler, Obama’s West Side Slum Landlord Patron
• Patrick Fitzgerald Issues Obama A Warning
• What Hypocrite Obama Should Have Discussion during His Wesleyan Commencement Address
• Barack Obama’s Candidacy as a Take on The Picture of Dorian Gray
• A Majority of One: On Losing the Democratic Base
• Ok, So Tell Us What IS Allowed
• Two Lone Voices Speak for Millions of Us
• What’ll Be Left of the Democratic Party
• It Ain’t Over: Obama MAY Have to Pay the Piper After All
• Obama to Donate Contribution from Rezko’s Iraqi Friend
• Be My Friend, Godfather
• Jaws V, Starring Barack Obama
• The Chicago Three: Obama, Ayers & Rezko
• Charlie Gibson, Will You Ask Barack about Nadhmi Auchi?
• Saddam Hussein, Barack Hussein Obama’s Hidden Real Estate Partner?
• Barack “I-Didn’t-Know” Obama
• Those Who Haunt Him
• Hillary’s Campaign Comes out Swinging
• “Nobie and Obama”
• Authorization to Use Misleading Falsehoods
• What We’ve Noticed about the Speech
• This Is for Main Street (And for the Forgotten People Barack Obama Doesn’t Know)
• Michelle Obama: “Give Us Something Here”
• Rezko Muckrakers Alert!
• The Forgotten People
• Irrefutable Proof That Obama’s Own District Was Home to 11 Rezko Foreclosed Properties
• Speak the Truth, Fallout Be Damned
• The Rezko Saga: Two Videos
• Get Your Daily Rezko Dose Here
• The Media’s Panderbears, Part I
• Sunday Scoops: Rezko-gate and Adviser-gate
• Obama’s Prime-Slime Advisors
• Good Morning, Barack! (Rezko Got Jobs for Your Staffers? Do Tell.)
• Today’s Rezko Trial Scoops (And Prosecutors on $20K Kickback to Obama)
• ABC News: Rezko $50 Million in Debt
• 312.321.2417
• (Pants on Fire!) Lynn Sweet: Obama and His Taking Questions on Rezko
• Rezko Trial: Obama May Be Witness
• Obama’s Judgment on the Eve of Judgment Day
• Truthtelling from Lanny Davis (What about “Iron My Shirt?”)
• Experience, and Experiences (of the Rezko Sort)
• No He Can’t Because Yes They Will
• More Questions on Rezko
• “Obama Bagman” in Jail
• Democratic Death Wish
• How to Buy A Mansion You Can’t Afford
• Will Rezko Blow Up Obama?
• It is “Possible” Obama Was Aware of Rezko’s Financial and Legal Woes
• 20-Year Associate of Obama Arrested
• Look before You Leap: Obama’s Mobbed-Up Allies
• Politics Is A Blood Sport
• BREAKING: ABC News Reports $100,000 from Rezko That Obama Hasn’t Returned
• CNN on Rezko and Obama: This Is Obama’s “Slumwater”
• FACT CHECK: Obama, His Contributor Rezko, The Slum Landlord Business
• A Dope with Hope?
• Obama/Rezko: It Comes down to Judgment
• Didn’t Obama Watch The Firm
• Steve Clemons on Tonight’s Debate
• Patrick Fitzgerald Ties Obama to Rezko Indictments
• All in for Hillary
• Obama, His Lobbyists and His Cronies

RezkoWatch contains even more information on Obama’s deep and problematic ties to convicted slumlord and notorious political fixer Antoin “Tony” Rezko.

Also listen to our NQR Radio Show entitled “READING REZKO with Truthteller and SusanUnPC”