This piece has already been debunked at snopes.com. An almost word for hoax email is going around with smears about Obama. Check this out: http://www.snopes.com/politics/obama/money.asp

"The above-quoted piece combines a good deal of supposition and some elaborate conspiracy theory to question exactly where Senator Barack Obama obtained the money for his education and the purchase of a house in Chicago in 2005. The answers are fairly straightforward.

As both Barack Obama and his wife, Michelle, have noted many times, they paid for their educations via scholarships and student loans/, in the process (like many people) incurring debts which were not fully paid off until many years later. (In the Obamas' case, it was the revenue derived from Barack's pair of best-selling books that finally allowed them to retire their student loan debts.)

Likewise, the Obamas' financing of their house in Chicago was no mystery. As their tax returns demonstrate, the couple had a significant jump in income from 2000 onwards (largely from royalties on book sales), and they purchased their Chicago home in 2005, a year in which their combined income was $1.6 million.