Sen. Adam Schiff (D-CA), longtime nemesis of President Donald Trump, is enjoying a rock bottom 3 percent mortgage rate on both his Maryland and California homes since refinancing in 2020, newly released documents examined by the New York Post reveal.
That, according to the Post report, is below the average 30-year mortgage interest rate in 2020 of 3.10% for primary residences in the U.S., with secondary residences usually subject to rates up to 0.5% higher.
The rates in question are newsworthy because of a Department of Justice (DOJ) criminal investigation underway into the senator’s home financing. As Breitbart News has reported, the Federal Housing Finance Agency (FHFA) accuses the junior senator of potential mortgage fraud for claiming two homes as primary residences for more than a decade to achieve lower mortgage rates and reduced taxes.
According to DOJ sources, a grand jury in Maryland is currently evaluating a criminal indictment against the former 12-term congressman.
The Post report stated:
The newly released annual financial documents show that even after Schiff finally designated his Potomac, Maryland property as a second home in 2020 — after 16 years — he got the exact rock-bottom mortgage rate as his California residence when he refinanced both that year.
Schiff also benefited from a homeowner’s tax exemption by declaring his much smaller 650-square-foot one-bedroom, one-bathroom condo in Burbank, California a primary home, resulting in a $7,000 reduction in property taxes.
Schiff’s 3,420-square-foot home, located in the upscale DC suburb of Potomac, Maryland is now worth $1.4 million, almost twice what he paid for it in 2003, according to the Post.
The Senator also failed to disclose his mortgages on annual financial disclosures until 2011, the Post review found, even though he bought the Potomac property in 2003 and the California condo in 2009 — “an omission he has not explained,” according to the Post.
He is accused of “wire fraud, mail fraud, bank fraud and making false statements to financial institutions, charges which carry prison terms of up to 30 years,” according to the newspaper.
Schiff, 65, as a House member led the first impeachment inquiry against President Trump and has repeatedly preached that “no one’s above the law.”
President Trump has been critical of Schiff through both of his terms, describing him as “crooked” and a “lowlife.”
The two went at it in on Truth Social and X in July when the mortgage investigation was announced.
“I have always suspected Shifty Adam Schiff was a scam artist,” Trump wrote.
“Since I led his first impeachment, Trump has repeatedly called for me to be arrested for treason,” Schiff posted on X, adding the charges were “baseless.”
Contributor Lowell Cauffiel is the best-selling author of Below the Line and nine other crime novels and nonfiction titles. See lowellcauffiel.com for more.
Read the full article here