The senator has claimed both his California and Maryland homes as primary residences.
The Federal Housing Finance Agency (FHFA) referred Senator Adam Schiff of California to the Justice Department for alleged mortgage fraud.
FHFA Director William Pulte wrote in the letter, “Based on media reports, Mr. Adam B. Schiff has, in multiple instances, falsified bank documents and property records to acquire more favorable loan terms, impacting payments from 2003-2019 for a Potomac, Maryland-based property.”
The director outlined alleged violations of federal criminal statutes concerning wire fraud, mail fraud, bank fraud, and falsifying information to financial institutions. He added, “As regulator of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, we take very seriously allegations of mortgage fraud or other criminal activity. Such misconduct jeopardizes the safety and soundness of FHFA’s regulated entities and the security and stability of the U.S. mortgage market.”
Mortgages on primary residences generally receive a lower interest rate, since lenders anticipate that borrowers would continue mortgage payments for their main home over secondary residences in times of financial hardship.
As the Lord Leads, Pray with Us…
- For Senator Schiff to comply honestly with investigations regarding the allegations.
- For Director Pulte to be discerning as he heads the Federal Housing Finance Agency.
- For wisdom for Attorney General Bondi and Justice Department officials as they consider criminal referrals for fraud and other violations of the federal criminal code.
Sources: Fox News, Townhall, MSN
