As president of the United States, Joe Biden is certainly not lacking in financial stability. With a reported multi-million-dollar fortune, he enjoys the benefits of having his every need attended to at the highest level.
Biden and His Son Facing Separate Financial Controversies
According to Fox News, Biden secured a substantial line of credit, the details of which have not been disclosed. The credit is tied to the equity of his Rehobeth Beach home, which was bought for $2.74 million in 2017, granting the Bidens access to $250,000.
BREAKING: Joe Biden takes out $250k line of credit against home in the midst of the Hunter and classified doc scandals.
Looks like someone is getting worried.
— Collin Rugg (@CollinRugg) February 3, 2023
Amidst a number of controversies, including allegations of illegal possession of classified documents by the president and legal issues faced by his son, Hunter Biden, the news has emerged.
As Biden and his son Hunter Biden are facing separate controversies, with the latter under investigation for tax affairs and the former embroiled in a classified documents scandal, news found out by Fox News also reveals more information.
The president secured a $250,000 line of credit against his Rehoboth Beach, Delaware, home.
County records and information obtained by Fox News Digital reveal that President Biden and First Lady Jill Biden secured a six-figure home equity variable rate line of credit from M&T Bank on December 5, 2022.
Their Rehoboth Beach, Delaware, residence, which they initially purchased for $2.74 million in 2017, served as collateral for the loan.
Concerns of Potential Corruption and Abuse
The timing and size of this loan have raised questions and raised suspicions, as President Biden may be using the funds for renovation work, but the circumstances sparked debates.
Hunter Biden’s ongoing legal troubles, with reports indicating his legal bills total in the millions of dollars, have added to the speculation.
According to Red State, discussions about starting a legal defense fund between Hunter Biden and his lawyers fueled concerns about the potential for corruption and abuse.
The acquisition of a six-figure line of credit by Biden and his wife prompted discussions and raised concerns regarding its timing and size.
I filed Articles of Impeachment on Joe Biden yesterday for abuse of power.
Biden has a history of corruption and abusing his elected position of power in order to help his son Hunter with deals with foreign country’s energy companies like in Ukraine and China.#ImpeachBiden https://t.co/mNyGe6EuYy
— Marjorie Taylor Greene 🇺🇸 (@mtgreenee) January 22, 2021
While it is possible that the funds may be used for home renovation, speculations have been fueled by Hunter Biden’s current legal issues and the high cost of his legal bills reported to be in the millions of dollars.
This has led to reports, according to Red State, of discussions between Hunter Biden and his lawyers about the establishment of a legal defense fund, which further raised alarm bells over the possibility of corruption and abuse.
Hunter Biden’s legal expenses, which already accumulated to millions of dollars, without him being charged with any crime or facing any GOP-led investigation, remain a puzzle.
It is unclear how his legal dispute over denying his child his last name could have caused such a significant financial burden.
The Biden family has a history of intermingling their finances, with President Biden enabling his son’s behavior. It remains uncertain if this line of credit is related to this pattern.