Adam Schiff paying just 3% mortgage on homes at center of fraud scandal

Is Senator Adam Schiff (D-CA) playing fast and loose with the rules, securing rock-bottom mortgage rates while the rest of America pays the piper?

The New York Post reported that newly released documents reveal he’s been enjoying a 3% rate on homes in both Maryland and California since refinancing in 2020, a deal sweeter than the average homeowner could dream of. It’s a financial win now under intense scrutiny by the Department of Justice.

The allegations are serious: Schiff is accused of claiming both properties as primary residences for over a decade to snag lower rates and property taxes, leading to a federal probe into potential mortgage fraud.

Let’s rewind to 2003, when Schiff purchased a 3,420-square-foot home in Potomac, Maryland, now valued at $1.4 million—nearly double what he paid.

For 16 years, he listed this affluent DC suburb property as his primary residence. Neighbors even note he spends most of his time there, raising eyebrows about his true home base.

Unpacking Schiff’s Dual Residence Claims

Meanwhile, Schiff also owns a modest 650-square-foot condo in Burbank, California, which he’s declared as a primary home, netting a $7,000 property tax break through a homeowner’s exemption. That’s a neat trick—two “primary” homes, two sets of perks. How many Americans get to double-dip like that?

In 2020, after designating the Maryland property as a second home following those 16 years, Schiff refinanced both properties at an enviable 3% rate.

Compare that to the national average of 3.10% for primary residences that year, with secondary homes often facing rates up to 0.5% higher. This deal, per The Post’s analysis, may have saved him between $30,000 and $50,000 over the years.

The Department of Justice isn’t laughing, accusing Schiff of wire fraud, mail fraud, bank fraud, and making false statements to financial institutions—charges that could carry up to 30 years in prison. A grand jury in Maryland is now weighing a criminal indictment. That’s a far cry from the image of a 12-term former congressman and first-term senator.

Adding fuel to the fire, Schiff didn’t disclose these mortgages on his annual financial reports until 2011, despite acquiring the Maryland home in 2003 and the California condo in 2009. That’s nearly a decade of silence with no explanation offered. Transparency, it seems, isn’t always a priority.

Schiff’s bank assets have also grown, reported between $1.18 million and $2.63 million in 2024, up from $578,000 to $1.35 million in 2002, the year before the Maryland purchase.

While success isn’t a crime, the timing and opacity of his financial dealings invite questions. Are these the actions of a public servant above reproach?

Schiff, predictably, denies any wrongdoing, calling the investigation a “political witch hunt.” “This is just Donald Trump’s latest attempt at political retaliation,” he posted on X in July 2025. Nice try, Senator, but federal probes aren’t launched on a whim—there’s smoke, and the DOJ smells fire.

Political Rivals Seize the Moment

President Trump didn’t hold back, posting on Truth Social in July 2025, “I have always suspected Shifty Adam Schiff was a scam artist.” That’s a sharp jab, and while the nickname stings, the underlying concern about integrity resonates with many who question Schiff’s dual-residence game.

Kiersten Pels, Republican National Committee Press Secretary, doubled down, telling The Post, “Schiff is a proven liar, a con man, and a fraud.”

It’s a harsh critique, but when a senator who led the first House impeachment inquiry into Trump faces fraud allegations, the irony isn’t lost on conservatives tired of perceived double standards.

A spokesperson for Schiff countered to The Post, “Senator Schiff received the rate that each lender deemed appropriate with full knowledge of the senator’s year-round bicoastal work obligations.” That’s a tidy defense, but it sidesteps the core issue: claiming two primary residences isn’t just creative accounting—it’s potentially fraudulent.

The spokesperson also jabbed back, saying to The Post, “It’s laughable that Donald Trump, who turned the presidency into a pay-to-play scheme, is desperate to project his corruption onto others.”

Fair point on political mudslinging, but deflecting to Trump doesn’t erase the documented 3% rates or the DOJ’s accusations. Voters deserve answers, not finger-pointing.

At the end of the day, this isn’t just about mortgage rates lower than the 5.625% rate tied to the fraud probe—it’s about trust. Americans struggling with soaring housing costs might wonder why a senator with assets in the millions gets such breaks while they’re stuck with market rates. Schiff’s story, whether legal or not, fuels frustration with elitism in Washington.