Rezko Reality

Summary
On the defensive over the extent of multiple McCain homes, the GOP candidate strikes back. But his TV spot gives an oversimplified and misleading account of how Obama bought his own $1.6 million house in Chicago.

The ad says Chicago power broker Tony Rezko got "political favors" including "$14 million from taxpayers." But there's no evidence of any connection to the Obama home purchase. The $14 million was to build apartments for low-income seniors. Obama wrote a letter supporting the "worthy" project, but both men say Rezko didn't ask for the letter.

It says Rezko "purchased part of the property [Obama] couldn't afford." Rezko's wife did buy an adjoining tract but later sold the land at a profit. Obama paid market price for his home.

McCain launched the attack after Obama ran one capitalizing on McCain's inability to recall for an interviewer how many homes the McCains own. Obama's ad says it's seven. The best tally we've seen puts the figure at eight, counting all the apartments and homes owned by McCain's wife, Cindy, and various family trusts, for themselves and their children.

Analysis
On Aug. 21, Barack Obama released an ad chiding Sen. John McCain for his inability to remember how many houses he owns, and McCain responded the same day with a counterattack charging that Obama got help buying his house from a "convicted felon" who got $14 million in "political favors" from Obama. We find McCain's ad is careless with the facts and could easily leave a false impression.

John McCain 2008 TV Ad: "Housing Problem"
Announcer: Barack Obama knows a lot about housing problems.

One of his "biggest fundraisers" helped him buy his million-dollar mansion.

Purchasing part of the property he couldn't afford.

From Obama, Rezko got "political favors" including "$14 million from taxpayers."

Now, he's a convicted felon, facing jail.

That's a housing problem.

McCain: I'm John McCain and I approved this message.

A $14 Million "Favor"?
McCain's ad opens by turning Obama's housing problem attack back on Obama. The narrator says Chicago real estate developer Tony Rezko, one of Obama's "biggest fundraisers" helped Obama buy his "million-dollar mansion" by purchasing property that Obama couldn't afford. The ad goes on to charge that Obama helped Rezko receive "political favors" including "$14 million from taxpayers," and it points out that Rezko is now a convicted felon.

It's untrue that Rezko got "$14 million from taxpayers" for himself, as the ad seems to be saying. The "help" to which it refers is a one-page letter Obama signed in October 1998 urging the city housing commissioner to support an apartment project for low-income senior citizens. A copy went to the state housing development authority. The 97-unit Cottage View Terrace, which opened in 2002, was funded with taxpayer money, and Tony Rezko was involved in developing the project.