Trump’s 1990s Dual Primary-Residence Mortgages Face Scrutiny Amid Administration’s Fraud Push

Since 2022 the Trump administration has charged opponents—including New York Attorney General Letitia James and Fed Reserve Governor Lisa Cook—with mortgage fraud for claiming multiple primary residences. FHFA Director Bill Pulte says holding two primary-residence mortgages is “not appropriate” and should trigger criminal referral.

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In December 1993 and January 1994 Donald J. Trump secured two Merrill Lynch mortgages—$525,000 for a “Bermuda-style” house and $1.2 million for a neighboring seven-bedroom, marble-floored mansion—each requiring him to occupy the property as his principal residence within 60 days. Federal election filings list his address as Trump Tower in Manhattan, and contemporaneous reports show the homes were rented out and never lived in by Trump. The loans were paid off and the transactions predate the statute of limitations for mortgage fraud.

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A White House spokesperson said the loans were from the same lender, denied any defraudation and dismissed media coverage as partisan. FHFA Director Bill Pulte reiterated that dual primary-residence mortgages are inappropriate and merit investigation, though no referral has been announced. A Bank of America spokesperson, noting its ownership of Merrill Lynch, said original 1990s loan documents are unlikely to be available and that private-client terms are not sold to government-sponsored entities.

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Mortgage-law scholars note that multiple primary-residence mortgages can be lawful and that intent must be proven. Suffolk University professor Kathleen Engel said Trump’s conduct “exceeds the low bar” his administration set for fraud. ProPublica found no record of Trump ever living in the Palm Beach homes; federal filings list his Manhattan address. No loan applications or original Merrill Lynch documents have been released, and the FHFA has not disclosed any criminal referral.

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• “They were rentals from the beginning.” — Shirley Wyner, Real-Estate Agent for the properties

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• “President Trump’s two mortgages you are referencing are from the same lender. There was no defraudation. It is illogical to believe that the same lender would agree to defraud itself.” — White House spokesperson

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• “If somebody is claiming two primary residences, that is not appropriate, and we will refer it for criminal investigation.” — Bill Pulte, Director, Federal Housing Finance Agency

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• “It is inconceivable that you were not aware of your first commitment when making the second.” — Donald J. Trump, in a letter to Lisa Cook

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The contrast between Trump’s historic dual mortgages and the administration’s current fraud accusations raises concerns about selective enforcement and the politicization of mortgage regulation. It also illustrates the evidentiary challenges of proving intent in primary-residence claims.

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Pulte says the FHFA will investigate Republican misconduct if evidence appears, but no referral concerning Trump’s 1990s mortgages has been announced. No further federal action is known.

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