Could Senator Adam Schiff really go to jail over alleged mortgage fraud?
What is the gist of the complaint? That Schiff, while representing a California district in the House of Representatives, falsely listed his posh Maryland home as his primary residence in order to get more favorable loan terms when, in truth and in fact, his California condo, which he designated as his primary residence in order to qualify for a California homeowner's tax exemption, was his real primary residence.
Even worse, according to the referral, Schiff claimed his Burbank condo as his primary/principal residence in California tax filings during the same years he listed his Maryland home as his primary/principal residence on loan applications to finance that home.
Schiff's response to the criminal referral and to subsequent Truth Social posts by President Donald Trump was one we often see in white collar cases. Per the senator's office, "the lenders who provided the mortgages for both homes were well aware of then-Representative Schiff's Congressional service and of his intended year-round use of both homes, neither of which were vacation homes."
That's not much of a denial, senator. The question is whether you lied on these forms or not. Were your answers accurate or not, and if they were inaccurate, were the answers a mistake or intentional?
The devil is always in the details in white-collar cases like this. Which representatives of which particular lenders "were well aware" that Schiff intended to use both homes year-round, and why does that matter?
The issue is whether Schiff intentionally lied on federal or state forms to gain a financial advantage. If he falsely listed his Maryland home as his primary residence in order to get a lower interest rate, that matters too. (After all, similar alleged falsehoods by Donald Trump were used by New York Attorney General Letitia James to go after Trump in her massive New York state civil action.)
Did Schiff lie on California tax forms to gain an exemption he was not entitled to, and, if so, does it implicate any federal criminal statutes? This is what inquiring minds want to know, and we just don't have enough information at this stage to know all the answers.
Based on what we do know, how likely is it that Schiff will be indicted for violating one of several federal bank fraud statutes that potentially cover his conduct? Not very likely. Here are several reasons why:
The devil is always in the details in white-collar cases like this. Which representatives of which particular lenders "were well aware" that Schiff intended to use both homes year-round, and why does that matter?
This leaves open the possibility of a state of California prosecution for filing false tax returns. Would you care to place any bets on that happening? The bottom line is this: Schiff's alleged conduct may be sleazy and his explanation shifty, but a criminal charge at the federal or state level does not seem to be in the offing.
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