Biden Takes Out $250k Line of Credit Amid Scandals

Biden Takes Out $250k Line of Credit Amid Scandals

( – Then-Vice President Joe Biden and his wife, Jill Biden, purchased a home in Rehoboth Beach, Delaware, in June 2017 for slightly more than $2.74 million, according to Sussex County records. An online records search of the county’s deed’s revealed that the New York-based bank holding company Manufacturers & Traders Trust (aka M&T Bank) filed an unofficial copy of an open-end mortgage agreement with the Bidens on the property on December 14, 2022.

The filing indicated M&T Bank granted the president and his wife a variable rate home equity line of credit (HELOC) on their beach house. Joe and Jill Biden signed off on the agreement on December 5, 2022.

HELOCs typically have better interest terms than personal loans and other unsecured debt since individuals use their homes as collateral. Bank Rate shows as of February 5, the interest rate on a $240K loan on a home with a current value of $2.74 million ranged from a 6.75% annual percentage (APR) rate to 7.75%. Presumably, the house has appreciated since the Bidens purchased it nearly six years ago, meaning the APR could be even lower.

It remains unclear why the couple secured the line of credit or whether they received any cash under the HELOC. However, as Fox News recently reported, the first couple secured the loan amid mounting scandals surrounding the president’s son, Hunter Biden.

For instance, a nonprofit research group named Marco Polo released a 634-page report in October 2022 detailing the results of a comprehensive forensic study on the documents found on a laptop reportedly abandoned at a computer repair shop in April 2019.

Getting down to the nuts and bolts, the report also discussed evidence from the computer that revealed Hunter Biden may have committed several crimes involving business, drugs, influence peddling, and sexual harassment.

Hunter Biden also faces federal criminal probes involving potential tax fraud, suspicious overseas business deals, and potential violations of the Foreign Agents Registration Act.

President Biden isn’t faring much better than his son these days. Attorney General Merrick Garland recently appointed US Attorney Robert Hur, a Trump nominee, as special counsel to investigate the growing number of classified documents found in the president’s former office at the Penn Biden Center and the garage of his Wilmington, Delaware, home. So far, around 30 files bearing classified markings have been turned over to the Justice Department and the National Archives. The beach house in Rehoboth was also searched in February 1, but no classified documents were found.

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