FEMA Boss Fired After Remarks To Congress<\/a><\/strong><\/p>\n\n\n\n\u201cBased on media reports, Mr. Adam B. Schiff has, in multiple instances, falsified bank documents and property records to acquire more favorable loan terms, impacting payments from 2003-2019 for a Potomac, Maryland-based property,\u201d FHFA Director William Pulte wrote in the letter.<\/p>\n\n\n\n
\u201cAs regulator of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, we take very seriously allegations of mortgage fraud or other criminal activity. Such misconduct jeopardizes the safety and soundness of FHFA\u2019s regulated entities and the security and stability of the U.S. mortgage market,\u201d Pulte noted further.<\/p>\n\n\n\n
Pulte later received a memo from Fannie Mae\u2019s financial crimes investigations unit alleging that Sen. Adam Schiff engaged in \u201ca sustained pattern of possible occupancy misrepresentation\u201d involving five Fannie Mae-backed loans.<\/p>\n\n\n\n
According to the letter, Schiff and his wife purchased a home in Potomac, Md., in 2003 for $870,000. They secured a Fannie Mae-backed mortgage for $610,000 with a 30-year term at an interest rate of 5.625%, claiming the property would serve as their primary and principal residence.<\/p>\n\n\n\n
The letter states that Schiff and his wife repeatedly affirmed the Maryland property as their primary residence in mortgage refinancing documents filed in 2009, 2011, 2012, and 2013\u2014even as Schiff was serving as a U.S. Representative for the state of California.<\/p>\n\n\n\n
Fox News obtained a copy of the 2011 affidavit in which Schiff signed a declaration certifying the Maryland home as his primary residence.<\/p>\n\n\n\n
According to Pulte, the couple did not designate the Maryland property as a secondary residence until 2020, Fox noted further.<\/p>\n\n\n\n
During the same period, Schiff claimed a homeowner\u2019s tax exemption on a condominium he owns in Burbank, California\u2014asserting it as his primary residence and receiving a $7,000 reduction on the 1% property tax, Pulte wrote, citing media reports.<\/p>\n\n\n\n
Schiff \u201cappears to have falsified records in order to receive favorable loan terms, and also appears to have been aware of the financial benefits of a primary residence mortgage when compared to a secondary residence mortgage,\u201d Pulte wrote.<\/p>\n\n\n\n
When asked about the ongoing investigation being conducted by the Justice Department into the allegations of mortgage fraud that he committed, Schiff appeared to have a little quiver in his voice on Sunday.<\/p>\n\n\n\n
\u201cMeet the Press\u201d host Kristen Welker was the first to quote from a post that President Donald Trump made on Truth Social in July. In the post, Trump stated, \u201cAdam Schiff has engaged in a sustained pattern of possible Mortgage Fraud.\u201d<\/p>\n\n\n\n
\u201cThe common denominator there is they will manufacture anything to do after their critics,\u201d Schiff alleged.<\/p>\n\n\n\n
New York Post columnist Mirana Devine wrote in response to Schiff\u2019s interview that \u201cthe notorious Russia-hoaxer looked like a frightened rabbit caught in the spotlight.\u201d<\/p>\n\n\n\n
\u201cHe should be nervous,\u201d she said.<\/p>\n\n\n\n
\u201cSchiff\u2019s attempts to dismiss the allegations against him as \u2018retribution\u2019 or part of a campaign of \u2018lawfare\u2019 by an \u2018authoritarian\u2019 president are not only hilariously hypocritical but miss an important point,\u201d she added.<\/p>\n\n\n\n\n