02 Oct 2008

Biden’s Modest Little Home

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Professional class warriors like Joe Biden do seem always to manage to arrange a better-than-average life style of their own. Take, for example, Biden’s 6,800-square-foot custom-built colonial-style house on four lakefront acres, worth close to $3 million.

NYT profile of Amtrak Commuter Joe:

As a secure incumbent who has rarely faced serious competition during 35 years in the Senate, Mr. Biden has been able to dip into his campaign treasury to spend thousands of dollars on home landscaping and some of his Amtrak travel between Wilmington, Del., where he lives, and Washington. And the acquisition of his waterfront property a decade ago involved wealthy businessmen and campaign supporters, some of them bankers with an interest in legislation before the Senate, who bought his old house for top dollar, sold him four acres at cost and lent him $500,000 to build his new home.

There is nothing to suggest Mr. Biden bent any rules in the sale, purchase and financing of his homes. Rather, he appears to have benefited at times from the simple fact of who he is: a United States senator, not just “Amtrak Joe,” the train-riding everyman that the Obama-Biden campaign has deployed to rally middle-class voters.

“He was a V.I.P., so he was treated accordingly by the bank,” said Ronald Tennant, a former loan officer who handled the mortgages Mr. Biden used to build his house. The bank did not give him a below-market interest rate, a perk that has caused embarrassment for some other members of Congress. But, Mr. Tennant said, “We paid particularly close attention to make sure everything came out right.”

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