President Trump on Tuesday accused Sen. Adam Schiff (D-Calif) of committing mortgage fraud by intentionally misleading his main residence in the suburbs of Washington, D.C., rather than in California.
Schiff, who led Trump’s House Gaps each during his first term in office and has remained one of his most vocal and powerful political enemies since joining the Senate, has dismissed the president’s claims as “a baseless attempt at political retaliation.”
Schiff’s spokesman said he is always transparent about owning two homes so that he can raise a child near him in Washington, and always follows the law and advice from House lawyers when arranging his mortgage.
In making his point, Trump cited Fannie May’s investigation by the “Financial Crimes Division” as his source.
The Memorandum of Understanding by The Times from Fannie Mae’s investigator to William J. Pulte, the Trump-managed Director of the Federal Housing and Finance Agency, does not condemn the Schiff of mortgage fraud. Investigators noted that the office of the FHFA Inspector General had asked about Schiff’s house a loan file and a “related investigation or quality control document.”
Investigators said they found that Schiff at various points had identified both his home in Potomac, Maryland, and the Burbank unit he owns as his primary residence. They concluded that Schiff and his wife, Eve, were “engaged in a persistent pattern of misrepresentation that could be occupant” on their home loans between 2009 and 2020.
Investigators did not say they concluded that the crime was committed, nor did they mention the term “fraud” in their memo.
The notes were partially edited to remove Sif’s address and information about his wife. Fanny May did not respond to requests for comment.
In addition to denial of fraud, Schiff suggested that Trump’s accusation was an effort to distract him from a controversy that is important to many of the president’s MAGA bases.
Rumors have long been around Epstein’s “client list” that could reveal other powerful men as predators. Trump has pledged to publish such a list as a candidate and at some point. General Pam Bondi appears to have said that such a list was on her desk. However, the administration said there was no such list and Trump asked his followers to move on.
Schiff drew a direct line between the controversy and Trump’s accusations against him on Tuesday.
“This is Donald Trump’s latest attempt at political retaliation against his perceived enemy. So it’s not surprising how weak this false allegation is,” Schiff wrote about X.
Schiff’s spokesman reflected the denial of cheating by the senator.
According to a spokesman, Schiff was able to create decision routines for state legislative members far from Washington to buy a Maryland home, allowing him to raise children nearby. He also maintained his home in California and lived there when he was not in Washington.
The spokesman said all Schiff’s lenders knew they were planning to live in both when they went back and forth from Washington to his district.
Trump’s own posts about Schiff on his social media platform were thin and details were called schiff and “con artists.”
Trump allegedly reported that Schiff was in Maryland.
Former federal prosecutor Schiff has been offering detailed discussions about the president for many years. And on why his actions violated the law and justified his permanent removal. These include Trump’s first presidential campaign interaction with Russian assets, a storm at the US Capitol to investigate his rival Joe Biden while US military aid is withheld from the country, and prevent his inciting on January 6, 2021, accreditation at the US Capitol to prevent his recognition of his 2020 election.
Schiff also criticized the president and his business, family and political appointees for their own economic actions.
He recently sponsored laws that restrict politicians and their families from becoming richer from the digital currency of their creations, as did Trump and his family. He also repeatedly demanded greater financial transparency from various Trump appointees and accused him of breaking the law by not submitting assets disclosures within the required time frame.
Others have accused Trump of years of economic fraud. Last year, a New York judge ordered Trump to pay a $355 million fine in a civil fraud case after he realized that the president of his business empire and others had tricked banks and insurance companies into inflated his wealth. Trump denied the fraud and appealed the decision.
Along the way, Trump attacked Schiff personally, accusing him of pitching hoaxes for political gain and repeatedly suggesting that he should be charged with treason. Presidential elections suspended in California last year – Trump was called “one of the smartest politicians in history” when Schiff was running for the Senate.
Schiff referred to Trump’s treason allegations in his reaction to his mortgage fraud allegations on Tuesday, saying, “Since I led his first round each, Trump has repeatedly called for me to be arrested for treason.
Before taking office, President Biden preemptively allowed Schiff and other members of the committee that investigated Trump’s role in the January 6 riots, and expected Trump to try to retaliate against them for his work.
Schiff said at the time he didn’t want pardon. He later dismissed Trump’s claim. The pardon was “invalid” as another attempt at intimidation.
Schiff was first elected to the US House of Representatives in 2000. He currently spends his time on a two-storey Potomac, Maryland home he bought in 2003 and a one-bedroom condominium in a shopping area in downtown Burbank, which he bought in 2009.
In 2023, amid a major blowout race for the Senate seat, CNN reported on Schiff’s two mortgages.
CNN reported that Deed’s records showed Schiff designated his Maryland home as his primary residence. In 2020, the outlet reported, Schiff refinanced his mortgage again, indicating that the Maryland home was his second.
CNN also reported that Schiff has been exempt from California homeowners for years on his Burbank home, and has also designated it as his primary address. CNN said the exemption amounts to “about $70 in savings per year.” A spokesman for Schiff reviewed estimates of annual savings in California and noted that Schiff did not claim such an exemption in Maryland.
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