"James, who denies the allegations, is due in federal court in Norfolk on Friday for arraignment.No one is above the law. The charges as alleged in this case represent intentional, criminal acts and tremendous breaches of the public's trust, U.S. Attorney Lindsey Halligan said. The facts and the law in this case are clear, and we will continue following them to ensure that justice is served."
"The U.S. Department of Justice (DOJ) alleges that James falsely certified a Norfolk, Virginia, home as her second residence to obtain more favorable loan terms such as a lower interest rate while instead collecting rental income and saving more than $17,000 compared to an investment property mortgage. James, a second-term Democrat, has denied any wrongdoing. She said any mistake in the loan paperwork was promptly corrected, and her attorney has accused the DOJ of pursuing a politically motivated case."
"Her great-niece confirmed she never signed a lease agreement, and the $1,350 that James reported on her taxes that year reflected utility reimbursements rather than rent.ABC News also reported that James put down 20% higher than the typical 10% for a second-home loan and that the loan officer involved estimated the rate difference between second-home and investment-property financing at about $10,800 over 30 years."
James was indicted in early October on one count of bank fraud and faces an upcoming federal arraignment in Norfolk. The DOJ alleges James falsely certified a Norfolk home as her second residence to secure lower-rate loan terms while collecting rental income, saving more than $17,000 versus an investment mortgage. James denies wrongdoing, says paperwork mistakes were corrected, and her attorney contends the case is politically motivated. The property was reportedly bought for $137,000 in 2020 for a relative to live rent-free, with tax-reported amounts described as utility reimbursements. Potential penalties include up to 30 years in prison, fines up to $1 million per count, and forfeiture.
Read at www.housingwire.com
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