Latest news with #WilliamPulte
Fox News
2 days ago
- Business
- Fox News
Could Senator Adam Schiff really go to jail over alleged mortgage fraud?
Federal Housing Finance Agency (FHFA) Director William Pulte sent a criminal referral to Attorney General Pam Bondi in May alleging that California Democrat Sen. Adam 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." 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.
Business Insider
5 days ago
- Business
- Business Insider
Democrats are probing Trump's housing chief over a plan to allow crypto to count as an asset in mortgage lending
A group of Democratic senators announced a probe of the Federal Housing Finance Agency head's plan to push Fannie Mae and Freddie Mac to count crypto as an asset when assessing mortgage risk. In June, FHFA director William Pulte announced a plan that would allow Fannie Mae and Freddie Mac to count cryptocurrency as an asset in mortgage lending assessments for single-family homes. While many Republican officials responded positively to the proposal, Democratic senators, led by Jeff Merkley, are initiating a probe into Pulte's plan. The group also includes Elizabeth Warren, Bernie Sanders, Chris Van Hollen, and Mazie K. Hirono. Risks for home buyers In a letter to the FHFA chief, the senators requested further information regarding the plan. They noted the high volatility of crypto and cited statements from consumer advocates who have expressed concern about tying the "lightly regulated and highly volatile investment asset" to the housing market, noting its importance to the broader economy. "The 2008 crisis proved that lax financial practices around risky investments can blow up the housing market—and hardworking families in Oregon and across the country paid the price. Crypto poses serious risks to the stability of the housing market. This is a risk we must address," Sen. Merkley said. The letter also references a report from Fannie Mae at the end of 2024 in which it listed crypto, private coins, and stablecoins as collateral as the "least appealing application" for blockchain technology. They take aim at a part of Pulte's proposal that says crypto can be considered as an asset without converting it to dollars. "Expanding underwriting criteria to include the consideration of unconverted cryptocurrency assets could pose risks to the stability of the housing market and the financial system," the letter said. The senators also highlight potential risk regarding crypto liquidity, referencing a report from the Corporate Finance Institute that describes the market as "far from being as large and liquid as other financial markets that professional investors would normally participate in." They also flag the high volatility in crypto as an issue they're concerned about. "To the extent that historical volatility and liquidity persists even as the market matures, a borrower using crypto faces an increased risk that they may not be able to exit a crypto position and convert to cash at a price that would allow them to buffer against risk of mortgage default." Potential conflicts of interest The letter also includes concerns regarding conflicts of interest among Trump and other administration officials with ties to the crypto market. The senators said such conflicts could "unduly influence their proposals" when it comes to further policies. "You are the current Chair of each Board, and you have stacked the Boards with members who represent FHFA personnel and your industry allies," the letter said, addressing Pulte directly.
Business Insider
18-07-2025
- Business
- Business Insider
FHFA director Pulte says Fed chair Powell may be indicted over alleged perjury
U.S. Director of the Federal Housing Finance Agency William Pulte said in a post on X, formerly Twitter, 'I am told by very reliable Congressional sources that there may be a criminal referral coming from one or more Congress members to the DOJ for Jay Powell's alleged perjury about the $2.5BN building.' Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Yahoo
17-07-2025
- Business
- Yahoo
Crypto Heads Toward Housing Market in Latest Mainstreaming Move
Qualifying for a mortgage because of your Dogecoin holdings may soon be moving from fantasy to reality. As 'Crypto Week' sees pro-crypto legislation move through the US House of Representatives and bitcoin hits a new record, crypto backers are contemplating a government-sanctioned foray into the housing market. Federal officials are pushing Fannie Mae and Freddie Mac to consider crypto holdings in their mortgage risk assessments, a change that'd put digital assets on similar footing with stocks and cash savings. READ ALSO: Ethereum Treasuries Boom as Companies Look Beyond Bitcoin and Goldman's 'Midas Touch' During Turbulent Quarter Delivers Record Trading Results Shaky Foundations Fannie Mae and Freddie Mac, which guarantee more than half of US mortgages, have been under government control since 2008 when the two organizations suffered heavy losses after backing risky loans that helped fuel a housing bubble, ultimately freezing credit markets and spurring a global financial crisis. After their near-collapse, the two firms have been more risk-averse in their investments. Including crypto in the picture would signal a shift away from that ethos: Currently, potential homebuyers have to cash out their crypto and often wait months for their digital assets to meet banks' 'seasoning' guidelines. Alternatively, a handful of startups have emerged that offer bitcoin-backed mortgages, but they aren't supported by Fannie and Freddie. The new rules could let homebuyers keep their crypto and use it to qualify for loans through mainstream banks, making digital assets a direct part of the housing market's financial underpinning, a task for which critics say crypto is too volatile. William Pulte, who heads the agency that regulates Fannie and Freddie, posted on X that the new directive is in line with President Trump's vision to make the US 'the crypto capital of the world.' New Neighbors: The housing market could use more buyers. As of April, Redfin found that there were 34% more sellers than buyers looking for homes, and loosening the rules around crypto could roll out the welcome mat for long-term crypto HODLers. About 5% of home buyers said in May that they sold off crypto to help make a down payment, and that figure is likely higher in certain markets (ahem, San Francisco). But even as the government increasingly pushes crypto into the mainstream, concerns about its volatility and security could make it less welcome in a sector as fundamental to the US's financial well-being as housing. This post first appeared on The Daily Upside. To receive delivering razor sharp analysis and perspective on all things finance, economics, and markets, subscribe to our free The Daily Upside newsletter.
Fox News
16-07-2025
- Business
- Fox News
Fox News Politics Newsletter: Schiff Flagged for Potential Mortgage Fraud by Trump Official
Welcome to the Fox News Politics newsletter, with the latest updates on the Trump administration, Capitol Hill and more Fox News politics content. Here's what's happening… - Jill Biden 'work husband' pleads Fifth Amendment, dodges House GOP cover-up probe questions - Israel strikes Syria's military headquarters as the regime clashes with Druze civilians - Senate marches toward passing Trump's $9B clawback bill after dramatic late-night votes Sen. Adam Schiff, D-Calif., has been referred to the Department of Justice for criminal prosecution regarding mortgage documents. The director of the U.S. Federal Housing Finance Agency (FHFA) sent a letter to Attorney General Pam Bondi and Deputy Attorney General Todd Blanche in May citing alleged misconduct by Schiff, who owns homes in California and Maryland. "Based 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," FHFA Director William Pulte wrote in the letter, which Fox News obtained on Wednesday. "As 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's regulated entities and the security and stability of the U.S. mortgage market…" READ MORE. DIPLOMATIC DEMOLITION: 'It's sort of scary': Officials flag surprising revelations from deep State Department cuts PINK SLIP POLITICS: Trump's controversial plan to fire federal workers finds favor with Supreme Court NO MORE SECRETS: Bondi should release 'credible' Epstein files, Trump says LEGAL SHELL GAME: Judge weighs Abrego Garcia detention status as Trump admin confirms plans to immediately deport him HHS SHAKEUP: RFK Jr. fires two top aides at HHS LOYALTY FIRST: Loyal Jill Biden aide arrives for sworn deposition in Comer's cover-up probe HIDING THE DECLINE: Jill Biden's 'work husband' pleads Fifth Amendment, dodges House GOP cover-up probe questions OVERRULED: Conservative legal group presses agency to act on Trump's voter citizenship mandate despite court injunctions FAITH TAKES PRIORITY: EXCLUSIVE: Trump admin strengthens religious accommodations in federal workforce TRIPLE THREAT RISING: Japan says China, North Korea and Russia represent biggest threat since WWII, US is 'cornerstone of peace' in the region BLAME GAME BEGINS: Israel slams UN for ignoring aid already in Gaza while demanding more AYATOLLAH ULTIMATUM: Iran's leader threatens 'even bigger blow' against US, Trump says he's in 'no rush' to talk TRADE ON THE ROCKS: From bourbon to bordeaux: Trump's tariffs spill into global booze markets BATTLE HEATS UP: Israel strikes Syria's military headquarters as the regime clashes with Druze civilians PROMISES DELIVERED: RNC chair says 'big, beautiful bill' key part of GOP's strategy to win seats in midterm elections SPENDING CUT SPRINT: Senate marches toward passing Trump's $9B clawback bill after dramatic late-night votes BIDEN BORDER FAILURE: FIRST ON FOX: Mother of daughter murdered by alleged MS-13 gang member speaks out in favor of new house bill BENEFIT BATTLE: Workers striking by choice could lose unemployment benefits in blue states under GOP proposal FOREIGN TOURISTS PAY UP: Congress considers permanent national park fee increase for foreign visitors 'SERIOUS LOWLIFE': WATCH: Adam Schiff silent after Trump accused him of mortgage fraud MESSAGE LOST: Speaker Johnson reveals Musk left MAGA ally's lengthy text hanging in 'the ether' after Trump blowup TENSIONS BOIL OVER: Dem Disorder: DNC squabbles play out in NYC mayoral race for all to see THE HOT SEAT: Former DC council member wins back seat months after being expelled over bribery charge SWEET DECEPTION: Texas AG Paxton office launching investigation into M&Ms and Skittles manufacturer Mars for "deceptive" practices promising to remove artificial dyes CRYING FOUL: Ghislaine Maxwell's family insists she received unfair trial in high-profile Epstein case TRUMP'S 'BACKUP': Aiming to give Trump 'backup,' second Republican enters swing state race for Democrat-held Senate seat PAST EXPOSED: Unearthed social media posts expose radical anti-Israel views of Mamdani's dad: 'Colonial occupation' Get the latest updates on the Trump administration and Congress, exclusive interviews and more on
