Sen. Adam Schiff (D-CA) is preparing for a legal war with President Donald Trump after the president accused him of mortgage fraud. Schiff has created a legal defense fund as the Justice Department investigates the allegations.

Mortgage fraud has become a big focus for the Trump administration. But what exactly is mortgage fraud, and what are the penalties for committing it? In the last few weeks, the Trump administration has accused three government officials of committing mortgage fraud by falsifying or misrepresenting intentions on mortgage documents and has called for two of the officials to resign.

President Donald Trump is targeting another high-profile member of the Fed.

"I have no intention of being bullied to step down from my position because of some questions raised in a tweet," Cook said in the statement.