According to information released on Friday, President Joe Biden took up a $250,000 line of credit on his Delaware beach home in December, giving him access to funds while the federal government launched a secret papers investigation.
Biden may access the equity that has accumulated in his $2.74 million beach property in Rehoboth, Delaware, via the mortgage, which is a home equity line of credit. After he departed the vice president, he and the first lady, Jill Biden, bought a family hideaway.
As part of the inquiry into the papers by the special counsel, the FBI raided the house this week. According to a statement made public by the president’s attorney, no new classified items were discovered.
The loan was made approximately a month after Biden’s attorney found papers marked “secret” at his old office of the Penn Biden think tank in Washington, DC, on November 2. That started the investigation that is now being led by special counsel Robert Hur.
Regarding the purpose of the loan, the White House is silent. The loan paperwork was received by Fox News around two weeks before other papers with the designation “classified” were found in Biden’s garage in Wilmington.
Amidst a rush of developments in the case, including FBI searches of at least three locations—the DC office, Wilmington, and Rehoboth—Biden is likely dealing with rising legal costs.
His annual pay as president is $400,000, and in his first year in office, he made $30,000 from book sales. According to his 2022 financial statement, the couple had assets worth up to $2.6 million and owed up to $500,000 on their Wilmington home.
Between $700,000 and $1.5 million in cash were mentioned on the form in several accounts (amounts must be disclosed only in broad ranges). However, if Biden is taking out an equity loan, it is likely a sign that he has depleted a significant amount of resources, unless they were put to use again. He indicated further debts totaling between $30,000 and $100,000.
Hunter Biden, on the other hand, is dealing with his own legal problems and is said to have millions in legal debt. His firm sent letters to the DOJ and the Delaware Attorney General this week asking for inquiries into anybody who could have duplicated or distributed the information on his notorious laptop. He is the subject of an ongoing federal tax inquiry and a wave of investigations by House Republicans.
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