How a complete transcript analysis revealed the Attorney General’s most damaging statement yet
On May 20, 2025, New York Attorney General Letitia James stood before an ABNY Power Breakfast crowd and gave what was billed as a hopeful speech. But buried in the Q&A session was something far more revealing: a denial so central to the DOJ investigation against her that it deserves to be highlighted, dissected, and compared—line-by-line—against the public record.
Investigative Method: Why the Full Transcript Matters
Our previous reporting on James’s May 20 appearance was based on media clips and partial coverage. But as any forensic investigator knows, the truth often lies in the details that don’t make the headlines. By obtaining and analyzing the complete 47-minute transcript of her Power Breakfast appearance, we uncovered statements that fundamentally contradict the evidence—statements that would have been missed in surface-level reporting.
This is how forensic investigation works: each layer of evidence exposes new contradictions, and the most damaging admissions are often buried in routine Q&A sessions where subjects feel safe from scrutiny.
The Quote That Changes Everything
In response to a question about the federal investigation into her conduct, James made a denial that contradicts the fundamental evidence against her.
“…the 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… but prior to that I had indicated to the mortgage broker that in fact in bold cap letters that I am not a resident of Virginia and never will be… The Power of Attorney was never used to determine my eligibility for a mortgage.“
— Letitia James, ABNY Power Breakfast, May 20, 2025 (39:06 in transcript)
The Document She Can’t Wish Away
The Power of Attorney James refers to wasn’t some loose memo or casual paperwork. It was a Specific Power of Attorney signed on August 17, 2023, notarized under penalty of perjury, and recorded in Norfolk, Virginia land records. In it, Letitia James swore under oath:
This wasn’t boilerplate language. It was a legal declaration that became part of the official loan file and was essential for qualifying for federally backed mortgage terms reserved for owner-occupied properties.
The Witnesses: NY Attorney General Staff
This Power of Attorney wasn’t witnessed by random notaries. It was witnessed by two employees from James’s own Attorney General’s office:
- Jennifer Levy – First Deputy Attorney General (key figure in the Trump fraud case)
- Sharona Parchment – Staff member at the NY AG’s Office
Both provided their home addresses and signed “under penalty of perjury” that they witnessed James sign this false declaration. The state’s top law enforcement officer had her own government employees witness a document containing fraud.
Key Evidence: The Email Trail That Proves Intent
James’s claim that she told the mortgage broker “in bold cap letters that I am not a resident of Virginia and never will be” is contradicted by the timeline of her deception:
August 2, 2023 – James wrote to mortgage broker Mike Voci:
“This property WILL NOT be my primary residence. It will be Shamice’s primary residence.”
Critical Note: This damaging August 2 email was voluntarily provided by James’s own attorney, Abbe Lowell, in his April 24, 2025 defense letter to the DOJ. Rather than helping his client, Lowell inadvertently handed prosecutors documentary proof that James knew her subsequent sworn declaration was false when she signed it. This self-incrimination makes the case even more devastating.
August 3, 2023 – Broker Mike Voci confirms:
James’s role was listed as a “non-occupying co-borrower” and the loan was locked as a “primary residence product.”
The problem: James maintained her position that she would never be a Virginia resident right up until she needed to sign documents. Then she lied under oath to get the loan approved.
Why Her Denial Doesn’t Hold Up
James now claims the Power of Attorney “was never used to determine my eligibility.” This assertion is flatly contradicted by multiple sources of evidence:
The Mortgage Requirements
The Deed of Trust James signed contained explicit language requiring both borrowers to occupy the property as their principal residence within 60 days of closing. Under the joint tenancy structure James chose, this requirement applied to both her and her niece—no exceptions.
Fannie Mae Underwriting Standards
For loans above 80% loan-to-value ratio with joint ownership, Fannie Mae requires all owners to certify they will occupy the property as their primary residence. James’s loan was 91.6% LTV—well above this threshold.
The Power of Attorney’s Purpose
The Power of Attorney wasn’t incidental paperwork. It was legally required because James was absent from the closing and still needed to provide written confirmation of her residency intent. The lender required this specific declaration before funding the loan.
The Timeline Proves Intent
Documented Sequence of Events
The timing is particularly damaging: James committed mortgage fraud just 46 days before launching her landmark case against Trump for property misrepresentations.
The documented sequence of events reveals the calculated nature of James’s deception:
| Date | Event | Significance |
|---|---|---|
| August 2, 2023 | James emails: “This property WILL NOT be my primary residence” | Clear initial intent—no occupancy |
| August 3, 2023 | Broker confirms James as “non-occupying co-borrower” | Loan structure incompatible with terms |
| August 17, 2023 | James signs Power of Attorney declaring Virginia as “principal residence” | Mortgage fraud committed |
| August 30, 2023 | Mortgage closes based on fraudulent declarations | Fraud completed—$100K+ benefit obtained |
| October 2, 2023 | James launches Trump civil fraud trial in Manhattan | Just 46 days after her own fraud |
| October 30, 2023 | Mortgage deadline: James required to live in Virginia | Instead, prosecuting Trump in Manhattan |
| February 2024 | James wins $355M judgment against Trump | For property misrepresentations she also committed |
| May 20, 2025 | James denies Power of Attorney determined eligibility | New false statement under federal investigation |
The Irony: James committed mortgage fraud involving false property declarations just 46 days before prosecuting Trump for $355 million over… false property declarations.
The Legal Stakes: Why This Matters
False declarations of primary residence to obtain favorable mortgage terms constitute mortgage fraud under 18 U.S.C. § 1014. The April 14, 2025 FHFA criminal referral to the DOJ specifically cites this Power of Attorney as evidence of fraudulent conduct.
By publicly denying that the Power of Attorney was used to determine eligibility, James is either:
- Deliberately misleading the public in an effort to downplay the gravity of the federal investigation
- Creating new false statements that could themselves constitute obstruction
The Financial Reality
The only reason James qualified for the favorable mortgage terms on this Virginia property was her sworn promise to make it her own primary residence. Without that declaration:
- The loan would have been classified as an investment property
- Interest rates would have been 0.625-0.875% higher
- Down payment requirements would have increased from 8% to 20-25%
- Additional reserve requirements would have applied
- Loan-level price adjustments would have added thousands in fees
As documented in our previous analysis, James obtained over $100,000 in quantifiable benefits through her false declaration.
Why This Denial Is So Damaging
James’s May 20 statement isn’t just incorrect—it reveals a fundamental misrepresentation of her own conduct. The Power of Attorney wasn’t some ancillary document. It was the key legal instrument that:
- Enabled the mortgage by satisfying lender requirements for owner-occupancy
- Qualified the loan for federal backing under Fannie Mae guidelines
- Secured favorable terms reserved for primary residences
- Created legal obligations for James to establish Virginia residency within 60 days
The Bottom Line
Letitia James didn’t just falsify a legal document in 2023. She’s now trying to falsify the history of that document in 2025. This isn’t a legal defense—it’s evidence of ongoing deception.
What This Means for the DOJ Investigation
Federal prosecutors now have James on record making demonstrably false statements about the central evidence in their case. Her May 20 denial that the Power of Attorney was used to determine mortgage eligibility is:
- Factually incorrect based on mortgage documents and federal guidelines
- Contradicted by her own emails from the transaction period
- Inconsistent with loan requirements that made the Power of Attorney necessary
- Potentially obstructive of the ongoing federal investigation
- Made in her official capacity as AG – This strengthens the federal RICO case detailed here.
The Cardinal Rule: When Under Federal Investigation, Shut Up
Every criminal defense attorney knows the fundamental rule: when your client is under federal investigation, they should stop making public statements about the case. Period.
James violated this cardinal principle by giving a detailed public denial of key evidence while the DOJ investigation is active. Her attorney, Abbe Lowell—one of the nation’s most experienced white-collar defense lawyers—should have known better than to let his client make statements that can be easily contradicted by documentary evidence.
Instead of helping her case, James’s May 20 statement may have provided prosecutors with additional evidence of her willingness to make false statements when under pressure. This is prosecutorial gold.
James may have intended to minimize her legal exposure with this statement. Instead, she may have created new evidence of her willingness to make false statements under pressure.
Conclusion: A Pattern of Deception
From the August 2023 false declaration to the May 2025 public denial, Letitia James has consistently misrepresented the facts surrounding her Virginia mortgage transaction. Each statement compounds the evidence of intentional misconduct.
The Power of Attorney James signed wasn’t a mistake—it was mortgage fraud. Her denial that it determined her eligibility isn’t a defense—it’s additional evidence of her willingness to lie when caught.
The Forensic Investigation Continues
This analysis demonstrates why thorough forensic investigation requires examining primary sources rather than relying on media summaries. The complete Power Breakfast transcript revealed damaging statements that were overlooked in initial coverage.
As we continue peeling back layers of evidence—from mortgage documents to email trails to sworn statements—each investigation reveals new contradictions in James’s narrative. This is the hallmark of systematic deception: the lies multiply and contradict each other when subjected to forensic scrutiny.
Our investigation continues. Each document, each statement, each public appearance provides new evidence. James’s May 20 denial won’t be her last attempt to rewrite history—but the documentary evidence makes that impossible.
And that’s a problem that no amount of litigation or political positioning will solve.
Sources: ABNY Power Breakfast transcript (May 20, 2025); Norfolk County land records; FHFA criminal referral (April 14, 2025); Fannie Mae underwriting guidelines; Email correspondence (August 2023)
This investigation is part of our ongoing series: The Letitia James Mortgage Investigation
Written by,
Sam Antar
© 2025 Sam Antar. All rights reserved.