As New York’s top law enforcement officer, Attorney General Letitia James is required to file annual sworn financial disclosure statements with the state Commission on Ethics and Lobbying in Government. These aren’t mere paperwork exercises – they are legal statements carrying the weight of sworn testimony.
Following our February 8th investigation into New York Attorney General Letitia James’ puzzling property portfolio, we have uncovered disturbing discrepancies between her sworn financial disclosures and the official property records. The inconsistencies center around her investment property in Norfolk, Virginia purchased in August 2020 for $137,000.
The Second Home Mortgage vs. The Investment Property Designation
Property records show James financed the Virginia purchase with a $109,600 mortgage from OVM Financial in August 2020. This 30-year loan is coded as a “second home” mortgage, meaning James attested to the lender that she intended to occupy the property as a second residence. However, in her NY state financial disclosures from 2020-2023, James consistently designates this same property as an “investment” held for income generation, not a second home.
This discrepancy is significant. Mortgage applications for second homes and investment properties carry different attestations, interest rates, and lending standards. Claiming a property will be a second home to secure favorable financing, then reporting it as an investment to state authorities, raises serious questions.
The One Mortgage on Record vs. The Undisclosed Mortgages
To confirm the recorded mortgage information, we commissioned an independent title search report on the property. The report, dated February 2025, conclusively shows the OVM Financial “second home” loan as the sole mortgage. We also conducted a comprehensive search for any UCC filings associated with the property. This search turned up no additional liens or financial encumbrances.
Yet James’ sworn financial disclosures from 2020-2023 tell a very different story:
- 2020 Disclosure: Property value $100K-$150K, no mortgages reported
- 2021 Disclosure: Property value $100K-$150K, no mortgages reported
- 2022 Disclosure: Property value $100K-$150K, no mortgages reported
- 2023 Disclosure: Property value $100K-$150K, two new mortgages totaling $250K-$400K suddenly appear (Freedom Mortgage $150K-$250K, National Mortgage $100K-$150K)
The situation reveals multiple layers of concerning discrepancies. There is a single documented mortgage from OVM Financial, which James never disclosed in her NY state financial statements. Moreover, she claims to have two additional investment property mortgages totaling up to $400,000. However, these alleged mortgages cannot be found in any official property records, title histories, or UCC filings.
As the Attorney General, Letitia James is well-versed in the critical importance of accurate financial disclosures to New York state. This makes these inconsistencies particularly troubling and raises serious questions about the transparency of her financial reporting.
Impossible Loan-to-Value Ratios
James consistently valued the Virginia property between $100K-$150K from 2020-2023. Yet in 2023, she suddenly claimed mortgages totaling $250K-$400K on this property.
That’s a loan-to-value ratio of up to 267% – a financial impossibility. No legitimate lender provides that level of financing on such a low-value investment property. The numbers simply don’t add up.
The High-Debt, No-Income “Investment” Property
The income disclosures raise further red flags:
- 2020: Property earns $1K-$5K with one modest mortgage
- 2023: Property earns $0 while allegedly carrying $250K-$400K in debt
Basic math: $400K in mortgages means payments of around $30K per year. Yet James reports the property generating zero income in 2023. This defies all financial logic.
Serious Questions Demanding Immediate Answers
- Why did James attest to the lender that the Virginia property would be a second home, then consistently report it as an investment property on her state disclosures?
- What happened to the original $109,600 OVM Financial “second home” mortgage from 2020? Why was it never disclosed?
- How did James obtain up to $400K in mortgages on a property she values at no more than $150K?
- Where are the property records, title history, or UCC filings for the Freedom Mortgage and National Mortgage “investment property” loans?
- How does a property carrying up to $400K in alleged debt generate no income whatsoever?
AG James owes New Yorkers a full explanation for these troubling discrepancies in her official filings. As she argued in her case against Trump, financial disclosure laws exist for a reason – and must apply equally to all, especially those charged with enforcing them.
The public has a right to transparency from its top law enforcement officer. James’ filings raise grave questions about her financial dealings and candor under oath. Anything less than complete disclosure is an insult to the integrity New Yorkers deserve from their Attorney General.
This is a developing story. Stay tuned as we continue to investigate AG James’ perplexing property portfolio and push for the answers New Yorkers deserve.