New York Democrat Attorney General Letitia James famously alleged in a lawsuit that President Donald Trump fraudulently misled lenders about the value of his real estate holdings.

Yet in a development which is sure to leave Trump laughing, James is now the one facing a criminal fraud indictment. 

James: Charges are "baseless"

That's according to the Associated Press, which reported that the indictment was brought against James on Thursday in the Eastern District of Virginia.

The news service noted how New York's attorney general put out a statement that denounced the indictment as "nothing more than a continuation of the president’s desperate weaponization of our justice system."

"These charges are baseless, and the president’s own public statements make clear that his only goal is political retribution at any cost," she continued.

"The president’s actions are a grave violation of our Constitutional order and have drawn sharp criticism from members of both parties," James went on to add.

Abbe Lowell is serving as the attorney general's lawyer, and he expressed a similar message, saying, "We are deeply concerned that this case is driven by President Trump’s desire for revenge."

Indictment details emerge

James' indictment came six months after Federal Housing Finance Agency (FHFA) Director William Pulte sent a letter to the Department of Justice (DOJ).

ABC News reported that Pulte referred James for investigation over a loan she took out on a property located in Norfolk, Virginia.

The FHFA director stressed that James had listed the Virginia property as her "principal residence" in a lending document from August 2023.

She did this "despite being a statewide public office holder in the state of New York at that same time and primarily residing in the state of New York."

Pulte: James made "mortgage-related misrepresentations"

Further, Pulte drew attention to a 2024 building permit which characterized a New York property "as the 'JAMES RESIDENCE' and states 'Remain Occupied'."

"At the time of the 2023 Norfolk, VA property purchase and mortgage, Ms. James was the siting [sic] Attorney General of New York and is required by law to have her primary residence in the state of New York -- even though her mortgage applications list her intent to have the Norfolk, VA property as her primary home," Pulte wrote.

"It appears Ms. James’ property and mortgage-related misrepresentations may have continued to her recent 2023 Norfolk, VA property purchase in order to secure a lower interest rate and more favorable loan terms," he maintained.