The investigation into James is being led by US Attorney John Sarcone III.
According to a report from the New York Post citing a source familiar with the matter, the investigation into James is being led by US Attorney John Sarcone III, who has been an ally of President Donald Trump.
James allegedly "falsified records" that enabled her to get more favorable loans on a home in Virginia that she purchased in 2023, according to the letter to the DOJ from Pulte.
The referral from Pulte stated, "Based on media reports, Ms. Letitia James has, in multiple instances, falsified bank documents and property records to acquire government backed assistance and loans and more favorable loan terms. This has potentially included 1) falsifying residence status for a Norfolk, Virginia-based home in order to secure a lower mortgage rate and 2) misrepresenting property descriptions to meet stringent requirements for government backed loans and government assistance."
Records allegedly showed that James listed the home that she bought in Virginia in 2023 as her "principal residence," which can sometimes allow for more favorable interest rates on home loans. However, during that time, James was also serving as the attorney general for New York.
She also allegedly listed a false number of units at her Brooklyn property. “Ms. James, for both properties listed above, appears to have falsified records in order to meet certain lending requirements and receive favorable loan terms," Pulte wrote to the DOJ.
James has called the allegations of mortgage fraud "baseless," and that they are just part of Trump's "revenge tour." Leading up to the 2024 election, James brought a fraud case against Trump relating to the valuation of his properties, alleging that he inflated the value of his real estate and said he engaged in “repeated and persistent fraud."
Despite the allegations, all loans on the properties were paid back to the banks that lent them out and there were no victims of the alleged fraud.
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