Sen. Adam Schiff (D-CA) is facing intensifying scrutiny after newly released records revealed he secured mortgage rates as low as 3% on both his Maryland and California homes, despite federal prosecutors accusing him of misrepresenting his residency status to obtain financial advantages.
The Department of Justice alleges that Schiff, now the junior senator from California, improperly claimed two separate homes as primary residences for more than a decade.
That practice, prosecutors contend, allowed him to benefit from lower mortgage interest rates and reduced property taxes.
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A Maryland grand jury is currently reviewing evidence in the case and weighing potential charges.
According to documents made public this week, Schiff refinanced both properties in 2020 and locked in rates of 3%, even though only one was designated as a primary residence.
That rate matched the national average for primary home mortgages at the time, while second residences typically carried higher rates.
Schiff had listed his 3,420-square-foot house in Potomac, Maryland, as a second home in 2020, 16 years after buying the property in 2003.
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Neighbors say Schiff spends most of his time at the Maryland residence, which is now valued at approximately $1.4 million—almost double its original purchase price.
Meanwhile, Schiff designated his smaller 650-square-foot condo in Burbank, California, as his primary residence.
BREAKING 🚨 President Trump just posted a video that now exposes Adam Schiff for Mortgage Fraud
Adam Schiff has no where to hide
LOCK HIM UP pic.twitter.com/1gp76VROMq
— MAGA Voice (@MAGAVoice) August 17, 2025
By doing so, he qualified for a homeowner’s tax exemption, reducing his property taxes by about $7,000.
Analysts estimate that the favorable mortgage terms and tax breaks saved Schiff between $30,000 and $50,000 over the 16-year period.
Financial disclosure reports also show Schiff’s personal wealth has grown considerably.
His reported bank assets rose to between $1.18 million and $2.63 million in 2024, up from between $1.02 million and $2.37 million in 2023.
In 2022, the year before he purchased the Maryland home, those assets were listed between $578,000 and $1.35 million.
The records further reveal Schiff did not disclose his mortgages on annual financial reports until 2011, years after he had purchased both properties. He has not offered an explanation for the omission.
Schiff, 65, built his national profile by leading the first House impeachment inquiry against President Donald Trump.
Throughout his career, he has frequently argued that “no one’s above the law.” Trump has openly criticized Schiff, labeling him “crooked” and a “low-life.”
“I have always suspected Shifty Adam Schiff was a scam artist,” Trump posted on Truth Social in July.
Federal prosecutors have accused Schiff of wire fraud, mail fraud, bank fraud, and making false statements to financial institutions.
Each of the charges carries penalties of up to 30 years in prison.
Schiff has denied any wrongdoing, calling the probe politically motivated.
“Since I led his first impeachment, Trump has repeatedly called for me to be arrested for treason,” Schiff wrote on X after the investigation became public in July.
Since I led his first impeachment, Trump has repeatedly called for me to be arrested for treason.
So in a way, I guess this is a bit of a letdown.
And this baseless attempt at political retribution won’t stop me from holding him accountable.
Not by a long shot. pic.twitter.com/zC5W2lFF3Z
— Adam Schiff (@SenAdamSchiff) July 15, 2025
“This is just Donald Trump’s latest attempt at political retaliation against his perceived enemies.”
Republicans, however, have rejected Schiff’s defense.
“Adam Schiff’s baseless smears of corruption against President Trump and Republicans have one simple explanation — he’s projecting,” Republican National Committee Press Secretary Kiersten Pels told The Post.
“Schiff is a proven liar, a con man, and a fraud.”
The Maryland grand jury has not yet issued a decision on whether Schiff will face indictment, but the investigation remains ongoing.
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