Biden and Harris Have Been Using Their Homes as ATMs, Refinancing, Taking out 35 Mortgages?

Democrat Presidential nominee Kamala Harris and her husband Doug Emhoff have refinanced their luxury properties on the east and west coast 10 times with loans totaling $13M, the DailyMail.com reports. The Emhoffs “have borrowed way in excess of what they’re worth – their joint fortune estimated at $8 million by Forbes.”

Wait… What? So have President Joe Biden and Dr. Jill??!!

Joe Biden and First Lady Jill have been using their homes as an ATM, taking out multiple mortgages and refinancing their Delaware properties an astonishing 35 times, DailyMail.com reports. “Records obtained by DailyMail.com show the couple have had a habit of negotiating a new mortgage or credit deal on both homes every 17 months.”

This is an actual thing. The Globe has read about other politicians doing this as well – and not just a few. Notably, Harris and Emhoff “have borrowed way in excess of what they’re worth.

DailyMail.com reported in June:

Over the decades the Bidens have borrowed a total of $6million on both properties – and there’s still an outstanding $541,000 mortgage on their current three-bed, 4.5-bath Wilmington mansion nearly three decades after they bought it.

The constant refinancing raises the question of why the Bidens, who have a reported net worth of $10million, needed a constant flow of extra cash.

According to the mortgage documents, the president and first lady purchased their current four-acre lot for $350,000 in March 1996 but have since saddled it with 20 different home credit agreements and mortgages totaling $4.23million.

Their previous five-bed, 2.5-bath home in the same town was purchased for $185,000 in 1975 – and sold controversially for $1.2million in 1996.

Records show the property had a total of 15 mortgages and lines of credit attached to it.

DailyMail.com reported on the Harris/Emhoffs:

Entertainment lawyer Emhoff initially bought the swish pad for $2.7M in June 2012 and immediately saddled it with a $2M mortgage with an initial interest rate of 2.5 per cent – and was handed a separate $160k line of credit.

After the couple met in 2013 and married a year later, the four-bed, five-bath place with a pool was still only in Emhoff’s name, but was later transferred to a joint trust.

In September 2015, the Second Couple was given a $400,000 line of credit, which was increased to $2 million in July 2020.

A year later, in September 2016, they were given another $500,000 line of credit, which was upped to $2 million, also in July 2020.

In August 2020, five months before Harris officially became the country’s vice-president, they were given yet another $2 million home loan by Wells Fargo.

This means they borrowed up to $10.16 million over eight years with three separate lines of credit and three $2 million mortgages. There’s no online record as to whether any of these have been paid off.

This actually is a thing.

Before Kamala Harris married Emhoff in 2014, she had purchased a one-bed, two-bath duplex apartment for $299k in San Francisco’s South of Market neighborhood in October 1998.

She took out three home loans in succession, all of which are now paid off.

First, in October 1998, for $239,200 with Washington Mutual Bank, then, in March 2002, a $265k loan with Chase Manhattan Mortgage Corp.

Finally, in August 2005, she took out $159k with Najarian Loans Inc. She sold the property for $860k in March 2021, making a $561k profit.

The Globe has read past articles that explain this racket – and sometimes someone else pays off the loan for the politician – ie. “foreign payoffs,” or it is used as a method to “launder” money. I am unable to relocate the articles I’ve seen on this subject (I’m shocked, not), but I did find a Glenn Beck podcast from June 2024 where he discusses the Biden mortgage deals. The Globe will update the article when we find the articles.

But Glenn Beck did something really interesting – he asked Chat GPT about this. But he told the virtual AI assistant that he was writing a movie script about a politician who refinances his mortgage every 17 months, and asked why he would do this – why would the politician need that much cash, remembering Biden “loan repayments” with no record of actual loans…

Beck got 5 answers from Chat GPT:

#5: Debt manipulation – to create the appearance of legitimate financial activity. Constant refinancing can be a method to manipulate debt. This could help in justifying the large sums of money received and repaid. The president uses refinancing to take out large sums of money, which are then cycled through as repayments to family members. This creates the facade of debt management — that the president is simply managing personal debt rather than engaging in illicit activities.

#4: Tax evasion – Refinancing can provide a way to manipulate taxable income and avoid taxes on illicit funds. By cycling mortgages, the president could claim interest deductions and reduce their overall taxable income. The interest payments on the refinancing mortgages can be deducted from taxable income, effectively reducing the president’s tax liability. The repayment to family members can be structured in a way that avoids declaring the foreign income, further aiding in tax evasion.

#3: Hiding assets from regulatory authorities; Frequent refinancing can be used to mask the president’s true financial status and hide assets from investigators or regulatory authorities. This can help in evading detection of illicit funds. The president uses the equity extracted from the refinancing to pay off family members, who then transfer the funds back as loan repayments. This cycle hides the actual wealth and the source of the funds, making it seem like the money is tied up in legitimate debt, rather than illicit gains.

#2: Creating a paper trail with mortgage recycling. 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. By refinancing frequently, the president can create a maze of financial transactions that obscure the flow of money. The complexity can make it harder for authorities to detect the link between the foreign payoffs and the repayment made to family members.

#1: Money laundering – ie. A method to launder illicit funds like loans repaid; By continually cycling mortgages, the president could introduce large amounts of cash into the financial system under the guise of legitimate loans, which are then repaid using money received from foreign payoffs.

Notably, Glenn Beck reminded listeners that the Bidens sometimes paid the loans off within months. Who does that? Who takes out a mortgage refinance and then pays it back within months?

“According to ChatGPT, the president’s family members receive substantial sums from foreign entities,” Beck continues. “These funds are then funneled into the mortgage refinancing process. Frequent refinancing and sizable loan repayments serve to obscure the funds’ origins, making the transactions appear legitimate.”