Bulwark Takes Trump Called This Fraud—While Doing It Himself
Dec 9, 2025
Justin Elliott, an investigative reporter at ProPublica, joins Tim Miller to dissect troubling Trump mortgage records. They delve into the significance of occupancy clauses in mortgages, arguing that having two 'primary' residences could indicate fraud. Elliott reveals details about Trump's mortgages near Mar-a-Lago and questions whether these records could lead to prosecution. The conversation also touches on the hypocrisy in prosecutorial practices, highlighting how other officials have faced similar scrutiny.
AI Snips
Chapters
Transcript
Episode notes
Why Occupancy Clauses Matter
- Public county mortgage records reveal occupancy covenants that require borrowers to make properties their principal residence within 60 days for at least a year.
- Justin Elliott highlights that these clauses exist because lenders view owner-occupied homes as lower-risk than rentals or investments.
Small Rate Perks From Declaring A Home
- Occupancy covenants can yield slightly better interest rates for declared principal residences.
- Justin Elliott notes the rate difference is modest but meaningful over a 30-year mortgage.
Two 'Primary' Mortgages Aren't Automatic Fraud
- Having two mortgages labeled as principal residences is not automatic proof of criminal fraud.
- Mortgage lawyers tell Justin Elliott legitimate reasons can explain multiple primary-residence filings, like job moves.