New financial records reveal that California Senator Adam Schiff has been enjoying a remarkably low 3% interest rate on mortgages for both his Maryland and California homes since refinancing in 2020. This comes even as federal investigators scrutinize whether Schiff improperly claimed both properties as primary residences for over a decade to secure favorable loan terms and tax breaks.
The Department of Justice probe accuses the Democrat of wire fraud, mail fraud, bank fraud, and making false statements to financial institutions—serious charges that could carry up to 30 years in prison. A grand jury in Maryland is currently considering a potential indictment against the 65-year-old senator, who previously served 12 terms in Congress.
Schiff’s 3,420-square-foot home in Potomac, Maryland—an upscale suburb outside Washington, D.C., where locals say he spends much of his time—was purchased in 2003 for $870,000. Now valued at around $1.4 million, the property was backed by a Fannie Mae mortgage at 5.625% initially, but Schiff refinanced it to 3% in 2020, matching the rate on his smaller 650-square-foot, one-bedroom condo in Burbank, California. That condo, bought in 2009, also benefited from a homeowner’s tax exemption, slashing his property taxes by $7,000 annually.
By designating the Maryland home as his primary residence for 16 years until 2020, Schiff avoided higher rates typically applied to secondary homes—often 0.5% more than the 3.10% national average for primary residences in 2020. Analysts estimate this saved him between $30,000 and $50,000 over the years. Meanwhile, his bank assets have climbed steadily, reaching between $1.18 million and $2.63 million in 2024, up from $578,000 to $1.35 million just two years prior.
The investigation stems from a criminal referral by Federal Housing Finance Agency Director William Pulte in May 2025, citing a “sustained pattern of possible occupancy misrepresentation” on five Fannie Mae loans. Pulte’s letter to Attorney General Pam Bondi highlighted how Schiff allegedly “falsified bank documents and property records to acquire more favorable loan terms, impacting payments from 2003-2019 for a Potomac, Maryland-based property.” He added that such misconduct “jeopardizes the safety and soundness of FHFA’s regulated entities and the security and stability of the U.S. mortgage market.”
Attorney General Bondi appointed Ed Martin, a seasoned conservative activist and former interim U.S. attorney, as special attorney to oversee the probe into Schiff, alongside a similar investigation into New York Attorney General Letitia James. This move follows President Trump’s public calls for accountability, with the president posting on Truth Social in July: “I have always suspected Shifty Adam Schiff was a scam artist.”
Schiff, who led the first House impeachment against Trump and frequently declared that “no one’s above the law,” failed to disclose his mortgages on annual financial reports until 2011, despite owning the Maryland property since 2003. He has dismissed the inquiry as politically motivated, stating on X in July: “Since I led his first impeachment, Trump has repeatedly called for me to be arrested for treason. This is just Donald Trump’s latest attempt at political retaliation against his perceived enemies.”
Critics see irony in Schiff’s predicament. Republican National Committee Press Secretary Kiersten Pels told The Post: “Adam Schiff’s baseless smears of corruption against President Trump and Republicans have one simple explanation—he’s projecting. Schiff is a proven liar, a con man, and a fraud.”
Some legal experts argue the case may not hold water, pointing out that members of Congress often maintain multiple residences and that Schiff consulted House legal staff. Lawrence Jacobson, a real estate lawyer, insisted Schiff “has done nothing wrong,” while others like Cornell law professor William Jacobson suggested it “could potentially constitute some level of fraud” if proven.
Schiff’s spokesperson has not responded to recent requests for comment. As the grand jury deliberates, this saga underscores longstanding conservative concerns about double standards in Washington, where those who relentlessly pursued Trump now face scrutiny for their own financial dealings. For many, it’s a reminder that accountability should apply equally, regardless of party lines.
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