Sen. Adam Schiff (D-CA) is facing growing legal and political heat as newly released records reveal he refinanced both his Maryland and California homes in 2020 at just 3%, even lower than the 5.625% rate already under federal investigation. The Justice Department accuses him of misrepresenting primary residences to secure better mortgage rates and tax breaks, while a grand jury in Maryland considers possible criminal charges. Schiff denies wrongdoing and calls the probe political retaliation.
Schiff faces accusations of wire fraud, bank fraud, mail fraud, and making false statements to financial institutions, charges carrying potential 30-year prison terms. His spokesperson insists lenders approved his rates based on creditworthiness and bicoastal work obligations.
Dual Residence Allegations
The DOJ claims Schiff falsely declared two homes as primary residences for more than a decade, securing lower rates and tax exemptions. Prosecutors allege this practice defrauded lenders and taxpayers.
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Below-Market Mortgage Rates
Despite finally designating his Maryland property as a second home in 2020, Schiff locked in the same 3% refinancing rate as his California condo. Analysts estimate he saved between $30,000 and $50,000 over 16 years.
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Tax Breaks in California
Schiff also benefited from a $7,000 property tax reduction by claiming his small Burbank condo as his primary residence, while neighbors say he mainly resides in his larger Maryland home.
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Financial Gains Over Time
New disclosures show Schiff’s bank assets rose to between $1.18 million and $2.63 million in 2024, up significantly since purchasing his Maryland property in 2003 for nearly half its current $1.4 million value.
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Omitted Mortgage Filings
A Post review found Schiff failed to disclose his mortgages until 2011, years after purchasing his homes. The Senator has not explained the omissions, which add fuel to allegations of financial misconduct.
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Trump’s Fierce Attacks
Former President Trump has long branded Schiff “crooked” and “shifty,” writing, “I have always suspected Shifty Adam Schiff was a scam artist.” Schiff responded: “This is just Donald Trump’s latest attempt at political retaliation.”