I sat and contemplated this story.
Basically....Joe/Jill Bide used one single Delaware house....for refinancing 20 different times.
Original value of the house? $350k.
What the loans added up to? $4.2-million.
I've tried to make sense out of this.
The only way it makes sense?
Each loan results in the house providing cash to the Bidens.....with the bank holding the refinanced home. Then some 'friend' steps in and pays cash for the mortgage deal from their pocket (not Joe/Jill's pocket), and the cash in Joe/Jill's pocket is thus gift-money and not really reported to IRS.
Legal? Well....yeah, but most banks would say it's got an element of money-laundering attached....after you do this three or more times.
Did he report all of this to the IRS? I would imagine yes.