Grand juries in Virginia and Maryland are weighing potential criminal indictments against New York Attorney General Letitia James and California Senator Adam Schiff over explosive allegations they falsified property records to secure preferential mortgage rates and taxpayer-backed loan terms.

Florida Attorney General Pam Bondi has tapped former acting U.S. Attorney for Washington, D.C., Ed Martin as Special Attorney to lead the high-profile prosecutions. James and Schiff face accusations of mortgage fraud, bank fraud, and wire fraud — each carrying possible 30-year prison sentences.

“Attorney General Bondi and President Trump have given me a very serious mission. I am committed to going where the facts take me,” Martin said. “For months DOJ and the FBI have been working on these two cases — it is my job to stick the landing.”

Special prosecutors are appointed in cases involving sensitive political or high-profile defendants, and are authorized to operate outside the local jurisdiction of the case.

Schiff is accused of falsely claiming a Maryland property as his permanent residence for mortgage purposes — while simultaneously declaring a California condominium as his primary home for tax benefits. Prosecutors say this allowed him to secure cheaper interest rates and tax perks meant for actual primary residences between 2003 and 2019.

Both James and Schiff have publicly denied wrongdoing.

Former U.S. Attorney Preet Bharara, now representing Schiff, dismissed the case as politically motivated: “The allegations against Senator Schiff are transparently false, stale, and long debunked… Any supposed investigation led by [Martin] would be the very definition of weaponization of the justice process.”

“Bill Pulte and his FHFA team got this started with his criminal referral. And as Tish James and Adam Schiff always say: ‘Nobody is above the law,’” Martin noted.

Bondi told Fox News’ Peter Doocy that the appointment of a special prosecutor ensures the investigation remains insulated from political interference — something Schiff and James themselves have often claimed is necessary when prosecuting others.

For Schiff, investigators say he only began listing his Maryland home as a “secondary residence” in 2021 — despite living in California and being constitutionally required to maintain California residency as a member of Congress.

Martin, whose nomination by President Trump to be U.S. Attorney for D.C. was blocked by outgoing GOP Sen. Thom Tillis, now heads an investigation that could potentially bring two of Trump’s most vocal political enemies into a federal courtroom.