FIRST ON FOX: President Biden secured a $250,000 line of credit against his Rehoboth Beach, Delaware, home as his son, Hunter Biden, faces an investigation into his tax affairs and amid his own classified documents scandal, records obtained by Fox News Digital shows.
Biden acquired the six-figure home equity variable rate line of credit from M&T Bank on Dec. 5, 2022, Sussex County filings show. Biden and his wife, first lady Jill Biden, initially purchased the residence in 2017 for $2.74 million, according to county records.
It is unclear why Biden quietly secured the line of credit, which allows him to borrow up to a quarter of a million dollars against his home’s equity, and the White House did not respond to a Fox News Digital inquiry on the matter.
The financial move came as Hunter Biden is embroiled in a federal investigation and the discovery of President Biden’s classified documents from his time as vice president was underway.
Hunter Biden has been under federal investigation since 2018 for his tax affairs – an investigation that was predicated, in part, by suspicious activity reports (SARs) regarding some foreign transactions. Those SARs, according to sources familiar with the investigation, involved funds from “China and other foreign nations.”
Delaware U.S. Attorney David Weiss, a prosecutor appointed by former President Trump, is conducting the investigation.
Meanwhile, President Biden’s confidential documents fiasco exploded into public view in early January. His lawyers, however, had first discovered a batch of records at the Washington, D.C., office for his think tank, the Penn Biden Center for Diplomacy and Global Engagement, months before on Nov. 2.
The confidential document discovery forced the National Archives Office of the Inspector General to reach out to a prosecutor at the Justice Department to inform them about the records.
The event, in turn, sparked a Federal Bureau of Investigation assessment under its standard protocol on Nov. 9 to determine if there was mishandling of classified information that violated federal law. United States Attorney General Merrick Garland then assigned John Lausch, the U.S. Attorney in Chicago, to investigate whether the ordeal needed a special counsel.
The discovery of classified documents has piled up since that time. On Dec. 20, Biden’s lawyers informed Lausch that they found more classified materials in the garage of his Wilmington home. Weeks later, on Jan. 12, Garland appointed U.S. Attorney Robert Hur as special counsel to investigate the Biden documents.
The FBI also recently searched Biden’s Rehoboth Beach vacation home where he took out the line of credit, but agents did not find classified documents on the premises.
So far, between 25 and 30 documents with classified markings have been recovered from Biden’s possession and turned over to the National Archives and the Justice Department.
The Bidens have made presidential history for being the first father-son duo to be simultaneously – but separately – under federal investigation.