Senator Adam Schiff (D-CA) is currently paying only 3 percent on the mortgages for both his homes in Maryland and California, following a refinancing in 2020. This rate is even lower than the 5.625 percent that is central to a federal mortgage fraud investigation involving him, as revealed by newly released documents.
The Department of Justice is conducting an investigation into the junior senator from California for having claimed two residences as his primary homes for over a decade. According to a report by The New York Post, the DOJ is expected to scrutinize how he was able to obtain such low mortgage rates and property taxes.
A grand jury in Maryland is presently deliberating on a potential criminal indictment against the former congressman who served 12 terms.
The recently disclosed annual financial documents indicate that even after Schiff designated his Potomac, Maryland property as a second home in 2020, after 16 years, he secured the same exceptionally low mortgage rate for this property as he did for his California home when he refinanced both properties that year.
In 2020, the average interest rate for a 30-year mortgage on primary residences in the United States was 3.10 percent, while secondary residences typically faced rates that were up to 0.5 percent higher.
These favorable terms have significantly contributed to his wealth, as the California Democrat would have saved between $30,000 and $50,000 over the span of 16 years, according to an analysis conducted by The Post.
The 3,420-square-foot residence, located in one of Washington D.C.’s most affluent suburbs, where neighbors claim Schiff spends the majority of his time, is now valued at $1.4 million, nearly double the amount he paid for it in 2003.
Schiff also took advantage of a homeowner’s tax exemption by designating his significantly smaller 650-square-foot condominium in Burbank, California as his primary residence, leading to a $7,000 decrease in property taxes.
According to records, the senator’s bank assets surged to between $1.18 million and $2.63 million in 2024.
This marks an increase from the range of $1.02 million to $2.37 million in 2023, and from $578,000 to $1.35 million in 2002, the year prior to his purchase of the Maryland residence.
Schiff, aged 65, who spearheaded the initial House impeachment inquiry against President Trump and has consistently asserted that “no one’s above the law,” also neglected to report his mortgages in his annual financial disclosures until 2011, as revealed by a Post review, despite acquiring the Potomac property in 2003 and the California condominium in 2009, a failure he has not clarified.
President Trump has labeled him as “crooked” and “low-life.”
“I have always suspected Shifty Adam Schiff was a scam artist,” Trump stated in July on Truth Social.
Schiff faces allegations of wire fraud, mail fraud, bank fraud, and providing false statements to financial institutions, offenses that could result in prison sentences of up to 30 years.
He has rejected any allegations of misconduct and referred to the investigation as a politically motivated witch hunt.
“Since I was at the forefront of his initial impeachment, Trump has consistently demanded my arrest for treason,” Schiff stated on X when the investigation was announced in July. “This represents yet another of Donald Trump’s attempts at political revenge against those he perceives as adversaries.”
“Adam Schiff’s unfounded accusations of corruption against President Trump and the Republican Party can be explained simply — he is projecting his own issues,” Republican National Committee Press Secretary Kiersten Pels remarked to The Post.
“Schiff is a documented liar, a fraudster, and a charlatan,” Pels further commented.
“Senator Schiff was given the rate that each lender considered suitable, fully aware of the senator’s year-round bicoastal responsibilities as a member of Congress, his use of two residences for that purpose, and his creditworthiness,” a representative for Schiff informed The Post.
“It is absurd that Donald Trump, who transformed the presidency into a pay-to-play operation for his own benefit, is so eager to project his own corruption onto others,” the representative continued.
This follows reports that an intelligence officer, who dedicated over ten years to working with Democrats on the House Intelligence Committee, had repeatedly informed the FBI, beginning in 2017, that then-Representative Schiff had sanctioned the leaking of classified information to undermine Trump during his first term, utilizing the now-debunked Russiagate investigation, as detailed in explosive FBI memos recently submitted to Congress by Director Kash Patel earlier this month.