President Trump on Tuesday accused Sen. Adam Schiff (D-Calif.) of committing mortgage fraud by deliberately deceptive lenders about his main residence being within the suburbs of Washington, D.C., slightly than California, in an effort to “get a less expensive mortgage and rip off America.”
Schiff, who led a Home impeachment of Trump throughout the president’s first time period and has remained one in all his most vocal and forceful political adversaries since becoming a member of the Senate, dismissed the president’s claims as a “baseless try at political retribution.”
A spokesperson for Schiff stated he has all the time been clear about proudly owning two properties, partially to have the ability to elevate his youngsters close to him in Washington, and has all the time adopted the legislation — and recommendation from Home counsel — in arranging his mortgages.
In making his claims, Trump cited an investigation by the Fannie Mae “Monetary Crimes Division” as his supply.
A memorandum reviewed by The Occasions from Fannie Mae investigators to William J. Pulte, the Trump-appointed director of the U.S. Federal Housing Finance Company, doesn’t accuse Schiff of mortgage fraud. It famous that investigators had been requested by the FHFA inspector normal’s workplace for mortgage information and “any associated investigative or high quality management documentation” for Schiff’s properties.
Investigators stated they discovered that Schiff at varied factors recognized each his house in Potomac, Md., and a Burbank unit he additionally owns as his main residence. Consequently, they concluded that Schiff and his spouse, Eve, “engaged in a sustained sample of attainable occupancy misrepresentation” on their house loans between 2009 and 2020.
The investigators didn’t say that they had concluded {that a} crime had been dedicated, nor did they point out the phrase “fraud” within the memo.
The memo was partially redacted to take away Schiff’s addresses and details about his spouse. Fannie Mae didn’t reply to a request for remark.
Along with denying any wrongdoing, Schiff additionally recommended that Trump’s accusation was an effort to distract from a growing controversy — essential to many within the president’s MAGA base — over the administration’s failure to reveal extra investigative data into youngster intercourse abuse by the late financier Jeffrey Epstein, a former acquaintance of Trump’s.
There has lengthy been rumors of a “shopper listing” of Epstein’s that might expose different highly effective males as predators. Trump promised to launch such an inventory as a candidate, and at one level Atty. Gen. Pam Bondi appeared to say such an inventory was on her desk. Nonetheless, the administration has since stated no such listing exists, and Trump has begged his followers to maneuver on.
Schiff drew a direct line between that controversy and Trump’s accusations in opposition to him Tuesday.
“That is simply Donald Trump’s newest try at political retaliation in opposition to his perceived enemies. So it isn’t a shock, solely how weak this false allegation seems to be,” Schiff wrote on X. “And far as Trump might hope, this smear is not going to distract from his Epstein information downside.”
A spokesperson for Schiff echoed the senator’s denial of any wrongdoing.
Based on the spokesperson, Schiff decided routine for Congress members from states removed from Washington to purchase a house in Maryland so he might elevate his youngsters close by. He additionally maintained a house in California, dwelling there when not in Washington.
The spokesperson stated all of Schiff’s lenders have been conscious that he supposed to stay in each as he traveled backwards and forwards from Washington to his district — making neither a trip house.
Trump’s personal put up about Schiff, on his social media platform, was skinny on particulars and heavy on insults, calling Schiff “a rip-off artist” and “criminal.”
Trump alleged that Schiff reported his main residence being in Maryland, when “he should LIVE in CALIFORNIA” as a congressman from the state.
Schiff, a former federal prosecutor, has for years laid out detailed arguments in opposition to the president — and for why his actions violated the legislation and warranted his everlasting removing from workplace. These have included Trump’s first presidential marketing campaign’s interactions with Russian belongings, his pressuring Ukraine to research his rival Joe Biden whereas U.S. navy help was being withheld from the nation, and his incitement of the Jan. 6, 2021, riot and storming of the U.S. Capitol to stop the certification of Biden’s 2020 electoral win over him.
Schiff additionally has criticized the president — and his companies, members of the family and political appointees — for their very own monetary actions.
He just lately sponsored laws that may prohibit the flexibility of politicians and their members of the family from getting wealthy off of digital currencies of their very own creation, as Trump and his household have executed. He additionally has repeatedly demanded larger monetary transparency from varied Trump appointees, accusing them of breaking the legislation by not submitting disclosures of their belongings inside required time frames.
Others have accused Trump for years of monetary fraud. Final 12 months, a choose in New York ordered Trump to pay $355 million in penalties in a civil fraud case after discovering that the president and others in his enterprise empire inflated his wealth to trick banks and insurers. Trump denied any wrongdoing and has appealed the choice.
All alongside the best way, Trump has attacked Schiff personally, accusing him of peddling hoaxes for political achieve and repeatedly suggesting that he needs to be charged with treason. Throughout a presidential marketing campaign cease in California final 12 months — when Schiff was operating for Senate — Trump referred to as Schiff “one of many sleaziest politicians in historical past.”
Schiff made point out of Trump’s treason claims in his response to the brand new allegation of mortgage fraud Tuesday, writing, “Since I led his first impeachment, Trump has repeatedly referred to as for me to be arrested for treason. So in a approach, I assume it is a little bit of a letdown.”
Earlier than leaving workplace, President Biden preemptively pardoned Schiff and the opposite members of the committee that investigated Trump’s position within the Jan. 6 riot, anticipating that Trump would search to retaliate in opposition to them for his or her work.
Schiff stated on the time that he did not want a pardon. He later dismissed an assertion from Trump that the pardons were “void” as one other try at intimidation.
Schiff was first elected to the U.S. Home of Representatives in 2000. He now splits his time between a two-story house in Potomac, Md., which he purchased in 2003, in response to property data, and a one-bedroom apartment in a procuring space in downtown Burbank, which he purchased in 2009.
In 2023, amid a bruising main race for his Senate seat, CNN reported on Schiff’s two mortgages, citing consultants who stated the association didn’t put Schiff in authorized jeopardy — even when it might elevate powerful political questions.
CNN reported that deed data confirmed Schiff had designated his Maryland house as his main residence, together with whereas refinancing his mortgage over time. In 2020, the outlet reported, Schiff once more refinanced his mortgage and indicated that the Maryland house was his second.
CNN additionally reported that Schiff for years has taken a California home-owner’s tax exemption for his Burbank house, additionally designating it as his main handle. CNN stated that exemption amounted to “roughly $70 in annual financial savings.” Schiff’s spokesperson confirmed that estimate in annual financial savings in California, and famous that Schiff didn’t declare such an exemption in Maryland.
