The Trish Regan Show - INDICTED?! Letitia James FACES COURT— Grand Jury Issues SWEEPING Subpoenas!!!

Episode Date: June 6, 2025

Letitia James faces a federal mortgage fraud investigation, as a grand jury issues sweeping subpoenas in the high-stakes probe. In this clip from The Trish Regan Show Full Episode 98, Trish Examines what's at stake for Letitia amid growing allegations. SUBSCRIBE to my Spotify playlist for FULL LIVE DAILY EPISODES. Learn more about your ad choices. Visit megaphone.fm/adchoices

This woman is going to be out as Attorney General of the state of New York, and she's going to be out for a variety of reasons, as she should. But most pressing on her docket at this moment and time this week is that that indictment is imminent for one, Letitia James. The Eastern Virginia Court is coming forward. They've subpoenaed everyone, the grand jury, and that indictment, as I said, is expected any day now. So she's going to be heading off to court to try and defend herself and present herself from going

to the slammer for what. 30 years. That's the penalty. Basically for being in violation of 18 U.S.C. 10, 14, false statements to obtain a federally insured loan or 18 U.S.C. 1001 false statements to the government. So the subpoenas have gone out. The subpoenas are issued. She's got to fight this thing. She's fighting it by just saying it's political. Well, I don't know, Letitia. I mean, you are a lawyer, right? So on the power of attorney, why would you be saying that Virginia was your permanent resonance. And we could say, okay, you know, one time, a little mistake, not that she should have had that mistake, but it's multiple times. And so now you've got New York State looking into this

launching an investigation into what she was doing with her brownstone that she claimed was four units instead of five units because it got her, once again, a special deal. As she said, these are her words, okay? These are her words, not mine. This is what makes this whole thing so darn poetic, everyone. When powerful people cheat to get better loans, it comes at the expense of honest and hardworking people. Everyday Americans cannot lie to a bank to get a mortgage to buy a home, and if they did, our government would throw the book at them. They simply cannot be different rules for different people. You're right. You're right, Tish. Now Donald Trump is finally facing accountability for his lying, cheating, and staggering fraud, because no matter how big, rich

and powerful you think you are, no one is above the law. So these are really common. like to haunt her in a rather big way, don't you think? As the indictment looms, and she's going to get her tushy hauled into federal court facing the possibility of 30 years. Meanwhile, what do you have? Voters getting pretty furious that she's trying to use taxpayer funds, $10 million of a slush fund that Kathy Hochel, the governor of New York, and other Democrats in New York have set aside for Letitia. The GOP in New York's like, no, we're not having this. Meanwhile, you got the FHA director coming out, outline the whole thing. Let's take another look at William Pulte. who put forward the letter to the DOJ in the first place and says,

we've got a case. We know mortgage fraud when we see it. And I love how he refers to Tissie Baby as the subject. Listen. We recommended that the DOJ investigate New York Attorney General Latisha James over alleged mortgage fraud. The AG Latisha James has responded. We don't have the video, but here's the quote, this investigation into me is nothing more than retribution.

It's baseless. it has to do with the fact that on a power of attorney, I mistakenly indicated that I was a state of Virginia resident. And prior to that, I indicated to the mortgage broker that in fact, in bold cap letters that I am not a resident of Virginia and never will be, they just took the power of attorney and they're using that as a basis for enforcement of their investigation. Bill, do you know why she said she was a resident of Virginia on the power of attorney if in fact She wasn't? Well, I know that we are mortgage experts and we only refer things that we think are mortgage fraud and we stand 100% behind the letter. I'll let the letter speak for itself. I do know,

and I have seen some reports from that subject from that subject's criminal defense lawyer saying certain things. I'll leave it to the DOJ to correct various things. But again, when we see mortgage fraud, we are going to report it. When we see mortgage fraud, we are going to prosecute it within the confines of our duties. And we are not going to be intimidated by a subject's criminal defense lawyer. We are not going to be intimidated by a politician or just because you have an esquire behind your name. We are not going to be intimidated by people. If we see mortgage fraud, we're going to do something about it. And I think that you're going to see us be taking this on in a big way. Mortgage fraud is a big problem. These companies are safe and sound, but where we see it,

we are going to do something about it. And that subject's case is no different. Well, what are the ramifications of this now that you've referred this for criminality to the DOJ? Well, I would refer to that to the DOJ. Again, as I say, we spend our days. We are mortgage experts. We are not politicians. I view this as an economic job. Obviously, the president can fire me at any time. So I guess in that way. But look, I look at this as an independent agency. We found the mortgage fraud, whether it be that particular subject or other subjects. And we work actively with the DOJ and different law enforcement. Yes, they do. They work actively with the DOJ. The FBI, who has announced as well, well, it's investigation, the DOJ who's announced its investigation, of course, the grand jury there

in eastern Virginia. But let me share with you a little bit from that letter. He writes, Pulte writes, about 604 Sterling Street, North Virginia. On August 17, 2003, I mean, this is like during the height of the whole thing with Trump, right, where she's accusing him a mortgage fund, Ms. James granted Ms. Chamis Thompson-Hirston, power of attorney to make a Virginia property, principal residence. And on August 30th and 31st, through her attorney, Ms. James purchased this property in Norfolk, Virginia, Virginia, forgive me. In a Fannie Mae, Freddie Mac formed 3047, and in mortgage documents, she reaffirmed this would be her primary residence, despite being a public officer in the state of New York at that same time. And presumably,

primarily residing in the state of New York. So let's go back to Tishy Baby saying, okay, nobody is above the law, nobody at all when powerful people cheat to get better loans. It comes at the expense of honest and hardworking people. You see, Tish, in this case, you were trying to use taxpayer funds to get that better mortgage. Because you see, when you have a primary residence,

you could totally have a mortgage rate than when it's a secondary residence. Why? because the banks say, gee, there's a really good shot that somebody might be more likely to default on a loan for a secondary vacation home than they would in a primary. Primary home. So therefore, you do get a better financial picture. So this is what she is allegedly trying to take advantage of, despite, despite at the very same time going after Donald Trump trying to say he's trying to get a better mortgage rate because, you know, he's inflating the value of his home. That's between him and his bank, by the way. This was a private transaction. This is not a

a federal transaction where you're hitting up Freddie and Fannie. And thus us U.S. taxpayers, okay? Tissue, baby, that's the difference. That's why you never should have brought your case to court in the first place, something that the judge is cited over and over and again. I mean, as soon as the appellate lawyer who's arguing the case came before the judge, what did they say? There's no victim. This is a commercial dispute. What are you doing here in our darn court? Not to mention, why the heck do you have a half a billion with a B dollar fine leveled against the now present of the United States? May it please the court, Judith Vail for the New York Attorney General's office. All of the defendants repeatedly violated...

Ms. Vail, can you identify any previous case which the Attorney General sued under Executive Law, 6312, to upset a private business transaction that was between equally sophisticated partners with the supposed victim had the ability and legal obligation to discover the allegedly misrepresented matters by conducting its own due diligence, where the supposed wrongdoer advised the supposed victim through written disclaimers to conduct its own due diligence and to draw its own conclusions, where the alleged misrepresentation almost entirely concerned inherently subjective valuations of properties and businesses. Yes.

And where, and where the victim never complained about. any fraud of the transactional losses from it because I've gone through the cases which you've cited and all of them always involved the consumer protection aspect it involved protection of the market several responses and I want to add to his question and little to no impact on the public marketplace okay and that's why the case never should have been brought but remember her to mail too pale to stale all the I'm going to get Trump I'm going to get Trump I mean she campaigned on it she raised money off of it. This was the whole thing, even though she says that wasn't the case. Hey, there's this little thing called videotape, Ms. Letitia James, and we got it. I'm not going to

bore you guys with it because we've played it a lot of times on this show, but you know exactly what I'm talking about. She campaigned on it. So, one, she should be out just because of that. Two, this case has got to be thrown out, the appellate court case, that is, with the $500 million fine, my gosh. And three, she's facing court herself with the indictment because of her own alleged fraud and abuse. I mean, the judge said it here again. This is a private transaction. What are you doing, bugging us with this?

It was using... I'm sorry, but what's being described sounds an awful lot like a potential commercial dispute between private actors. Well, to go back to the first question about whether there's other examples of this, there are other examples of this. In the first American case, the Attorney General brought a 6312 case where the transaction at issue was between a very big bank, Wells Fargo, and a professional appraisal firm.

But it wasn't the concern there that the public would ultimately be negatively impact and affected by what those corporate actors were doing. And that concern is here as well, because when you have hidden risks getting injected into the market, that hurts the market and honest participants in the market. And the legislature also decided, contrary to what defendants think,

that making sure that business in New York stays honest, is the way to attract and keep business. So to that point, the executive law. I'm sorry. Again, commercial transaction, no victim. So you can try and spin this however you want. Let's go back to the fact that there's no victim. Let's go back to the fact that Deutsche Bank is free to make

whatever kind of deals it would like to make. And Deutsche Bank is on the hook for making sure the square footage is what Donald Trump says it is. Deutsche Bank is on the hook for making sure. that the valuation he places on the property, which is a heck of a lot more, obviously, than Letitia's $18 million. I'm telling you guys, we've got to put a fund together, right,

and say, hey, Latisha, we'll buy it for that amount of money. Unbelievable. So she's deciding, suddenly, the Attorney General of New York, what something is worth. I don't think so. No, Deutsche Bank is going to make that decision and decide whether or not they're going to take on the risk. The reason why the case with Letitia James is so entirely different

is in that situation, you have public funds that are being used, public money. These mortgages are being secured by the likes of Fannie and Freddie, not by Deutsche Bank. So therefore, you're actually commingling, right? Public funds are taxpayer dollars, thereby putting us all at risk when you do something like this. Fill out an application saying that it's your principal residence. Again, going back to Pultes' allegations against her, this is, in their estimation, absolute positive mortgage fraud. On top of that, right? You've got the fact that she's got that brownstone in New York.

They're looking into this one in New York where she's saying it's four units instead of five units because then she gets extra favorable terms and special federal money, housing money for that. I mean, this is a woman who believes in living off the system. Let's be honest. What is she? She is someone who's going to live off of taxpayers. That's why she wants taxpayers to foot the bill for her massive legal expedition here. She's going to court and she expects you to pay for it.

Well, you, if you live in the state in New York, I'm telling you, she's running out of cash. She's got this Abbey Loll who represented Hunter Biden and he costs a pretty penny. So what is she going to do? She's going to use that $10 million slush fund they have for her in New York that the Democrats put aside. Only thing is the media is caught on to this, right? The New York Post is reported on this. I have reported on this, and I don't think taxpayers are going to love this. Even the liberal New York Magazine is saying that this is kind of questionable.

James has, again, they write, displayed dubious ethical instincts in her response to the pending inquiry. She has inexplicably chosen to use the resources of her public office to respond to the investigation. James issued a statement to the agent's official spokesperson, and she reportedly plans to use state funds to cover some of her legal expenses. I mean, I think you can sue her just for that. Can you not? I mean, you can't be using taxpayer dollars to cover your personal legal challenges. It's not New York's fault or the taxpayer's fault that you decided to lie on your documents and now you're cut. I mean, you know what they say about throwing stones at glass houses? Tissue baby. You know, I'm looking at one of your comments. You guys are saying she wanted to take over Trump Tower. You better believe it. I've played the sound bite before, but I'm going to play it again because it's so good. Again, poetry. work. This is operatic in its nature, given what's going down right now. She may lose that house in Virginia. She may lose that Brownstown in New York. And she will lose her position as Attorney General of the state of New York, possibly, as she should, her law license. And I expect there may be

some prison time. Here she is, bragging about how she's going to get Trump. Four days after a judge ordered Donald Trump to pay $355 million for a decade of fraud. New York Attorney General Leticia James says she's prepared to do everything she can to make sure the former president pays his fine, including she told us, seizing the buildings that bear his name. If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court. And we will ask the judge to seize his assets. Bump but um okay i think they're going to be season yours your assets i mean poetry you know like i like seeing justice i just got to say and i think it's fascinating that of all the things they could have gotten her on they're getting her on mortgage fraud alleged

right like i mean you got to admit it's it's rather remarkable whoever did the digging and found this and i think roger stone had a hand in it Brilliant. Okay, just brilliant, because she's looking at 30 years in the slimmer. I didn't laugh. It's terrible what she did. It's absolutely terrible. It was mind-boggling. And so, you know what, she deserves whatever Tishy baby is going to get. I'm telling you.