Overview

• A Maryland grand jury is reportedly weighing an indictment after a Fannie Mae memo and an FHFA criminal referral prompted DOJ and state inquiries
• The Department of Justice alleges Schiff claimed both his Potomac residence and his Burbank condominium as primary homes for more than a decade to secure reduced mortgage rates and property-tax breaks
• Newly reported financial records reveal he refinanced both properties in 2020 at about a 3 percent interest rate, below the average primary residence rate at the time, potentially saving tens of thousands of dollars
• Schiff denies wrongdoing, saying he informed lenders of his dual residences and that the investigation is political retaliation by President Trump
• Legal experts remain split on whether dual primary residency filings constitute knowing fraud under federal mortgage law, which requires intent to deceive a lender