Former Fox News host Glenn Beck and AI have some theories about why President Joe Biden and First Lady Jill Biden have refinanced their properties an insane amount of times.
They’ve reportedly used their various Delaware residences to take out multiple mortgages and refinanced them a staggering 35 times.
The couple, who have a net worth in the ballpark of $10 million from Biden’s book deals, have allegedly borrowed $6 million against these properties over the years.
“There’s no record of him getting any payment except for the signing bonus because nobody reads the books,” conservative podcast host Glenn Beck remarked.
This financial maneuvering dates back to the late 1970s, soon after the president and Dr. Jill got married.
They’ve negotiated new mortgages or credit deals around every 17 months since then, according to the Daily Mail.
Records show that the Bidens’ current home, a mansion the bought in 1996, still has $541,000 mortgage 28 years after making the purchase.
Headline-EXCLUSIVE Joe and Jill Biden have been using their Delaware house for fast cash – refinancing 20 times with loans totaling $4.2M since buying the $350k home. Will the media follow up?!🤔 pic.twitter.com/2O2ioamyYR
— Ron Milner (@RonMilnerBoodle) June 24, 2024
The president’s former Wilmington residence, which they closed on for $185,000 in 1975, was sold for $1.2 million in 1996.
The home had 15 mortgages and lines of credit connected to it before it was offloaded to the vice chairman of MBNA, a credit card firm, which reportedly took on Hunter Biden as an employee that year.
The Bidens bought their current property for $350,000 in 1996 and have taken out 20 mortgages and home credit lines worth $4.23 million since then.
They paid $2.74 million for their Rehoboth Beach summer house in 2017, and have since to take any mortgages against it.
Despite reporting a joint income of $620,000 in 2023, the majority of which came from jobs and investments, they still have a huge amount of debt.
They owe between $350,000 and $850,000, with their assets estimated to be between $1 million and $2.6 million.
From 1978 to 1994, Jill and Joe took out 13 property loans and two credit lines that amounted to $1.72 million.
On the newer home in Wilmington, they borrowed on slew of construction loans and took out several mortgages.
Utilizing various banks like Beneficial National, Chase Manhattan, Commerce Bank, TD Bank, and Wilmington Savings Fund Society, they continued to financially operate like this until 2014.
Beck turned to artificial intelligence to figure out why the president would need to refinance his properties so frequently.
“This is what ChatGPT came up with,” Beck said on his podcast, starting at the “least likely” of the five possibilities the AI program posited.
“Constant refinancing can be a method to manipulate debt and create the appearance of legitimate financial activity. This could help in justifying the large sums of money received and repaid,” he explained.
According to the program, the fourth most likely reason for refinancing is tax evasion.
“Refinancing can provide a way to manipulate taxable income and avoid taxes on illicit funds by cycling mortgages,” Beck detailed.
“The president could claim interest deductions and reduce their overall taxable income.”
The third reason for taking out multiple mortgages was even more dubious: “hiding assets.”
“Frequent refinancing can be used to mask the true financial status and hide assets from investigators or regulatory authorities. This can help in evading detection of illicit funds,” Beck pointed out.
Beck said that “creating a paper trail” came in second. “Mortgage cycling can create a complex financial paper trail that makes it difficult for investigators to track the true source and destination of money.”
“This can also help hide illegal financial activities,” he noted.
ChatGPT’s number one reason for continuous refinancing is that “it can be a method to launder illicit funds.”
“ChatGPT didn’t come up with a single non-nefarious reason,” Beck pointed out.
The internet had some other colorful ideas about why the Bidens needed to borrow so much money over the years.
“I’m sure it was just to tide them over until the next Chinese pay day,” someone tweeted.
“What the hell are they their money on? Does Jill have a gambling problem,” one social media user questioned.
“Maybe hunter used that money to buy crack,” one person posited.
“Crack has gotten expensive,” another concurred.