"James's indictment stemmed from a criminal referral in April from Federal Housing Finance Agency Director Bill Pulte. Following Pulte's referral, the U.S. Department of Justice conducted a probe. The DOJ alleges that James misrepresented her Virginia home as a second residence to secure a lower mortgage rate while collecting rental income, saving more than $17,000 compared with an investment property loan."
"If convicted, she faces up to 30 years in prison and $1 million in fines per count. The Wall Street Journal reported that a person familiar with the property said James bought it as a family home and allowed her grandniece to live there with her children as she sought stability after a troubled time in her life. There was never a rental or timesharing agreement with the property and James occasionally stayed at the home."
"James, a Democrat in her second term, denies any wrongdoing, saying that any loan paperwork errors were corrected. She called the case politically motivated after her office's successful fraud suit against President Donald Trump. The DOJ told HousingWire it had no comment on the matter. James's attorney did not immediately respond to a request for comment."
A criminal referral from Federal Housing Finance Agency Director Bill Pulte prompted a DOJ probe that led to James's indictment. The DOJ alleges James misrepresented her Virginia home as a second residence to secure a lower mortgage rate while collecting rental income, saving more than $17,000. James purchased a $137,000 home in 2020 for a family member to live in rent-free, reported $1,350 as utility reimbursements, and made a 20% down payment. If convicted, she faces up to 30 years in prison and $1 million in fines per count. James denies wrongdoing and calls the case politically motivated.
Read at www.housingwire.com
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