Schiff is currently accused of falsely claiming his Maryland home as his primary residence....on Fannie Mae-backed mortgage applications between 2003 and 2019....while at the same time....claiming a California property as his primary residence for tax benefits.
This got him lower interest rates on the Maryland property, as primary residence mortgages typically have lower rates than secondary residence mortgage.
So what FHFA put into their referral letter, sent in May 2025 to Attorney General Pam Bondi and Deputy Attorney General Todd Blanche? Four fed violations of federal criminal codes, including: wire fraud, mail fraud, bank fraud and false statements to financial institutions.
You could also suggest that some state tax problems exist (for Maryland and California).
Most folks in this type of mess....would have hired a lawyer, and viewed the cost of correcting everything (I would take a guess....15-plus years of this, with some fines paid)...you'd be talking about total cost (covering the lawyers, fines, and costs)...to be near $500,000 (my humble guess).
If this were me...I'd just work it up...pay the correction and fine, and avoid this getting to a grand jury. If you wait, and thing go past the grand jury....your odds of jail-time start to fall into play (say 3-to-6 months).
Did he vote in both Maryland and California? This topic hasn't popped-up yet, and I would imagine some idiot is reviewing Maryland records to see if he is a registered voter (suggesting he has a Maryland driver's license).
But here's the thing I would worry about.....you don't want people to start auditing all 535 Senators/House members....asking who owns two homes/residences, and finding out that more than 60 are in the exact same situation. I'm guessing there's a fair amount of pressure going on....to just FIX the mess, and correct the tax bill....paying the fines.
1 comment:
Any crime with a fine as the only discipline is intended for poor folk.
The rich figure that fine as merely another cost of doing business, in the category of utilities/payroll/insurance.
Post a Comment