Is Mortgage Fraud a Big Deal?
Segment #576
Yes, mortgage fraud is very serious—both legally and financially.
1. Legal Consequences
Mortgage fraud is a federal crime in many countries, including the U.S., and it can lead to:
Felony charges
Prison time (often up to 30 years, depending on the case)
Heavy fines
Restitution to victims
A permanent criminal record
Bottom line: Even small lies on a mortgage application can count as fraud. If you're unsure about something in the process, it's better to consult a real estate attorney or mortgage advisor.
Here’s what’s publicly known regarding whether the federal government has documents showing that Senator Adam Schiff, New York Attorney General Letitia (Tish) James, or Federal Reserve Governor Lisa Cook each claimed two homes as their "primary residence":
Senator Adam Schiff
Yes, federal or legal scrutiny and news reports indicate that Schiff signed documents on multiple occasions declaring both his Maryland home and his Burbank, California condo as his primary residence:
Mortgage and election filings dating from 2003 through at least 2013 show declarations of both properties as his “principal residence” (thedrilldown.com, Just The News, CNN).
A CNN review, and other investigative reporting, note his conflicting claims benefited him in terms of mortgage rates, tax exemptions, and residency for election purposes (thedrilldown.com, KCCI, CNN).
In 2020 he changed his Maryland mortgage designation to “secondary residence,” which some interpret as acknowledgment of the earlier dual designations (thedrilldown.com, Just The News).
Schiff denies any wrongdoing and says both properties were occupied and intended for purposes like distinguishing them from vacation homes (CNN, WMUR).
** Conclusion**: Yes, documents exist showing he declared two different properties as primary residences at overlapping times.
New York Attorney General Letitia (Tish) James
Yes, there are documents—particularly a formal referral by the Federal Housing Finance Agency (FHFA)—highlighting that James allegedly claimed two separate residences under misleading terms:
In April 2025, FHFA Director William Pulte referred James to the Department of Justice (DOJ), stating she had designated a Norfolk, Virginia property as her “principal residence” shortly before launching a high-profile case against Trump, despite residing primarily in New York (snn.bz, informedandrich.com, AP News, National Mortgage Professional, The Washington Post, Wikipedia).
He also alleged she misclassified her Brooklyn multi-unit building (a five-family dwelling) as a four-unit structure in documents to obtain conforming loans intended for smaller residences (snn.bz, blackwestchester.com, AP News, Wikipedia).
Additional claims include misrepresenting marital status in 1980s and 2000 mortgage documents by listing her father as her husband (snn.bz, blackwestchester.com, New York Post, Wikipedia).
The DOJ opened a criminal investigation (FBI probe, grand jury action) into these matters (National Mortgage Professional, The Washington Post, AP News, Times Union).
James's team calls the allegations baseless and politically motivated, pointing out counter-evidence and asserting clerical errors (AP News, The Washington Post, Wikipedia).
** Conclusion**: Yes, documents (and a formal federal referral) allege she claimed multiple residences as her primary residence inappropriately.
Federal Reserve Governor Lisa Cook
Yes, there are mortgage documents showing she designated two different properties as her primary residence within a short span:
In 2021, mortgage records show Cook listed both an Ann Arbor, Michigan home and an Atlanta condo as her principal residence within two weeks of each other (KTVZ, WRAL.com).
News outlets report this triggered federal scrutiny; the FHFA referred the matter, and the Department of Justice opened an investigation. President Trump sought her removal from the Fed, citing these discrepancies (MarketWatch, New York Post, The Guardian, Reuters, The Washington Post).
Cook denies wrongdoing, stating she made no misrepresentations and will respond to legitimate inquiries (KTVZ, Reuters, New York Post).
** Conclusion**: Yes, records indicate she designated two properties as her primary residence in close succession.
Summary Table
Person Dual Primary Residence Claims? Evidence/Notable Documents Adam Schiff Yes Mortgage and voter filings between Maryland & California; documents showing both declared as primary. Letitia (Tish) James Yes FHFA referral and investigations concerning a Virginia home & Brooklyn property. Lisa Cook Yes 2021 mortgage documents listing Michigan and Atlanta properties as primary residences.
Let me know if you'd like details on legal implications, timelines, or links to specific filings.
