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4 things in the Obamas’ financial disclosure

Posted at 6:28 PM, May 16, 2014
and last updated 2014-05-18 23:27:40-04

WASHINGTON (CNNMoney) — The White House on Thursday released the latest financial disclosures for President Obama and First Lady Michelle Obama.

The Obamas were worth between $2 million and $7 million in 2013.

While about the same as the previous year, that’s down considerably from 2010, when they were worth between $2.8 million and $11.8 million.

The financial disclosures use broad financial ranges, making more precise accounting impossible.

1. They own mostly Treasuries.

Much of their wealth — between $1 million and $5 million of assets — is invested in U.S. Treasury securities.

2. They don’t pay the lowest mortgage rates

They pay a mortgage interest rate of 5.6% on their home in Chicago. That compares to an average mortgage interest rate this week of 4.2%.

3. Malia and Sasha don’t have to take loans for college

They have between $200,000 and $400,000 stashed away in 529 college savings plans for their daughters Malia and Sasha.

4. President’s books not best-sellers anymore

Over the years, most of the Obamas’ wealth has come from the President’s best-selling books “Dreams from my Father” and “Audacity of Hope.”

However in 2013, a lot fewer books were sold. Royalties from those sales came in no more than $165,000, a far cry from $1.1 million in 2010, according to the disclosure.

The president earns a salary of $400,000 for his day job.

Last month, the Obama’s federal income tax showed joint income of $481,098. They paid $98,169 in total tax.

Vice President Joe Biden and his wife were worth between $276,000 and $943,000.

In 2013, they refinanced property and locked a lower mortgage interest rate of 3.375%, down from their previous rate of 4.62%, on their home which is worth up to $1 million. The Bidens also refinanced a home equity loan rate down to 2.75% from 4.49%.