Senator Adam Schiff, D-Calif., has found himself in hot water as a federal housing official has pointed the finger at him for potential mortgage fraud, sending a criminal referral straight to the Department of Justice.
Fox News reported that this bombshell story revolves around allegations that Schiff misrepresented his primary residence on mortgage documents for properties in California and Maryland, spanning from 2003 to 2019, in a scheme that could have netted him better loan terms.
Let’s rewind to 2003, when Schiff and his wife purchased a home in Potomac, Maryland, for $870,000, securing a Fannie Mae-backed mortgage of $610,000 at a favorable 5.625% rate over 30 years by claiming it as their primary residence.
Unraveling Schiff’s Dual Residence Claims
Fast forward to 2009, 2011, 2012, and 2013—Schiff repeatedly reaffirmed in refinancing filings that the Maryland property was his main home, even as he served as an elected official representing California.
Curiously, during this same period, he claimed a homeowner’s tax exemption on a Burbank, California, condo, asserting it as his primary residence for a tidy $7,000 reduction on property taxes.
Fox News uncovered a 2011 affidavit signed by Schiff himself, certifying the Maryland house as his primary digs—quite the juggling act for a man with deep California roots.
Here’s the rub: primary residence mortgages come with sweeter deals, including lower interest rates, compared to secondary homes, which lenders view as riskier and often slap with rates 0.25-0.50% higher.
“Primary residence mortgages receive more favorable terms,” said FHFA Director William Pulte in his referral letter. Confucius might have said that, but Schiff seems to have taken that wisdom a bit too literally, allegedly playing both sides of the residency coin for financial gain.
Not until 2020 did Schiff and his wife finally list the Maryland property as a secondary residence, after years of reaping the benefits of primary status on paper.
On Monday, prior to this report, Pulte received a memo from Fannie Mae’s financial crimes investigations team, concluding that Schiff engaged in a “sustained pattern” of possible occupancy misrepresentation across five loans.
Pulte, in his letter to Attorney General Pam Bondi and Deputy Attorney General Todd Blanche, didn’t mince words, suggesting Schiff’s actions could violate federal laws on wire fraud, mail fraud, bank fraud, and making false statements to financial institutions.
“Schiff appears to have falsified records,” Pulte stated, and while that’s a serious accusation, one wonders if the DOJ will see it as more than just a paperwork mix-up.
Political Heat and Public Reaction
President Donald Trump didn’t hold back, taking to TRUTH Social to demand justice, calling the allegations “very serious” and labeling Schiff a “crook”—a jab that’s sure to keep this story sizzling in the political arena.
Schiff, for his part, fired back in a video statement, saying, “It’s nothing new,” dismissing the accusations as baseless, though conservatives might argue that deflecting scrutiny isn’t the same as disproving fraud.
As the Justice Department mulls its next move—Fox News Digital got no response when reaching out—it’s clear this saga is far from over, and Schiff’s mortgage maneuvers could cost him more than just a few percentage points on a loan.
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Author: Sophia Turner
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