Biden 'revolving' credit involves dozens of loans against family home
Joe Biden departs for Rehoboth Beach, Delaware, from the South Lawn of the White House aboard Marine One, Friday, Jan. 20, 2023.
Joe and Jill Biden are being accused by a major publication of using one of their Delaware residences as an "ATM," with their schemes to take out literally dozens of loans against their property over the years.
A report from the Daily Mail points out that their current property, purchased years ago for $350,000, has been used for loans totaling more than $4.2 million and still has an outstanding loan of $541,000 – 28 years after the purchase.
The report wondered, "The constant refinancing raises the question of why the Bidens, who have a reported net worth of $10 million, needed a constant flow of extra cash."
The same loan rollover agenda was used on their first home, the report explained.
The Biden's have had two primary homes for residence in the state, and they have borrowed some $6 million on both. Fifteen loans involved their first home.
The Daily Mail said its investigation documented the ownership by the Bidens of two homes since 1975. The first was sold in the 1990s for a suspect amount of money, some $1.2 million.
Currently, they have a three-bed, 4.5-bath lakeside mansion in Wilmington.
The earlier home, a five-bedroom, $185,000 affair, was purchased in 1978 and sold about 20 years later.
The money deals over and over and over, don't "make a lot of sense unless they were desperate for cash," one finance expert told the publication.
"The revelation comes as questions grow about the president's involvement in his son Hunter's shady business dealings with Chinese oil giant CEFC and other foreign entities," the report speculated.
The Bidens also own another house, in Rehoboth Beach, bought for $2.7 million cash.
The report said, "The property data suggests that the 46th president and his wife, 73, have needed money fast – and have used their homes' equity as the main source of credit over the years."
As president, and with Jill's income as a teacher, had income of about $620,000 in 2023, and are estimated to be worth some $10 million.
The report noted many of the loans lasted only a few months before being paid off – possibly with the next loan in the lineup.
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