Senator Adam Schiff (D-CA) is under intensifying scrutiny as newly released financial records reveal that he has been paying just 3% interest on both his Maryland and California homes since refinancing them in 2020—despite a federal mortgage fraud investigation that alleges he improperly claimed both properties as primary residences to secure more favorable rates and tax exemptions.
The Department of Justice accuses Schiff of wire fraud, bank fraud, mail fraud, and making false statements to financial institutions. At the core of the case is his long-standing practice of declaring multiple homes as his “primary residence.” For more than a decade, Schiff benefited from artificially low rates and tax breaks that critics say padded his personal wealth while violating federal law.
One glaring example: Schiff’s Potomac, Maryland estate, a 3,420-square-foot home in one of Washington’s wealthiest suburbs, purchased in 2003. Despite largely living there, he consistently declared his smaller 650-square-foot Burbank, California condo as his primary residence, allowing him to pocket a $7,000 homeowner’s tax exemption. By doing so, Schiff also gained access to mortgage terms reserved for primary homes—terms that saved him between $30,000 and $50,000 over 16 years, according to financial experts.
In 2020, after finally designating the Maryland home as a second residence, Schiff refinanced both properties at identical 3% rates. The timing raised eyebrows, since secondary residences normally carried higher interest rates. Yet Schiff was able to lock in unusually favorable terms on both homes. At the time, the average U.S. 30-year mortgage rate was around 3.10%, but only for primary residences.
Adding to the controversy, Schiff failed to disclose his mortgages in annual financial filings until 2011, despite having purchased the Potomac property in 2003 and the Burbank condo in 2009. His omission went unexplained, further fueling suspicions about his financial conduct.
Now, as a grand jury in Maryland weighs whether to indict him, Schiff continues to deny wrongdoing, dismissing the investigation as “political retaliation” tied to his leading role in President Trump’s first impeachment. “Since I led his first impeachment, Trump has repeatedly called for me to be arrested for treason,” Schiff claimed, calling the charges a “witch hunt.”
Critics, however, see it differently. President Trump has repeatedly branded Schiff “Shifty” and “crooked,” while Republican officials argue that the senator is guilty of the very corruption he once accused others of. “Adam Schiff’s baseless smears of corruption against President Trump and Republicans have one simple explanation—he’s projecting,” said RNC Press Secretary Kiersten Pels.
Despite Schiff’s attempts to spin the scandal, the allegations cut to the heart of his credibility. For years, Schiff portrayed himself as a guardian of the rule of law, insisting “no one is above the law.” Yet the evidence suggests he enriched himself by exploiting loopholes, bending rules, and hiding disclosures. If prosecutors move forward, Schiff could face prison terms of up to 30 years.
For a lawmaker who built his reputation on crusading against corruption, the charges strike a devastating blow. Schiff’s critics argue his downfall is not political retribution, but accountability finally catching up with a man who lived by one standard in public while quietly living by another in private.
The post Adam Schiff Paying Just 3% Mortgage Amid Fraud Probe appeared first on Real News Now.
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