Real Story Behind Russiagate Subpoenas, 50-Year Mortgage Backlash, Letitia Drama: AM Update 11/12

Summary

The Megyn Kelly Show — AM Update 11/12/25

Episode Title: Real Story Behind Russiagate Subpoenas, 50-Year Mortgage Backlash, Letitia Drama
Host: Megyn Kelly (SiriusXM)
Date: November 12, 2025

Episode Overview

In this AM Update, Megyn Kelly investigates three headline-grabbing stories:

1. A wave of new subpoenas targeting former high-ranking Obama administration officials as part of the ongoing Russiagate probe.
2. President Trump’s controversial pitch for a 50-year mortgage and the backlash it triggered, especially within the MAGA base.
3. Emerging scandals involving New York Attorney General Letitia James and persistent police activity at her Virginia properties, which have a web of legal and personal entanglements involving her family.

Kelly delivers sharp commentary, expert interviews, and unfiltered opinions on these unfolding stories.

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Key Discussion Points & Insights

1. New Russiagate Subpoenas Targeting Obama Officials

• Situation: Recent reports reveal a federal grand jury in the Southern District of Florida subpoenaed former CIA Director John Brennan, ex-FBI officials Peter Strzok and Lisa Page, and (per NYT) former Director of National Intelligence James Clapper.

  • Subpoenas cover documents (emails, texts, etc.) from July 1, 2016 – Feb 28, 2017, spanning late Obama to early Trump administration.

• Purpose: The investigation centers on the origins and conduct of the “Russia collusion hoax”—including the disputed Intelligence Community Assessment (ICA) on Russian interference in 2016, and allegations of politicized law enforcement.

• Oversight: U.S. Attorney Jason Redding Quinones is leading the probe.

• Expert Analysis: Attorney and Article 3 Project founder Mike Davis joins to discuss the significance.

  Notable Quotes & Insights:

  • [05:21] Mike Davis:
    “If MSNBC's reporting is accurate, that would indicate that these initial subpoenas are looking at the Russian collusion hoax at the end of the Obama administration... but I think this investigation could be much broader... I anticipate that it will be much broader than that. I think it's going to cover this ongoing criminal conspiracy over the last eight years.”
  • [06:03] Mike Davis, on charges under consideration:
    “The federal criminal statute of conspiracy against rights... When people conspire to violate the constitutional rights of Americans, they are committing a very serious federal civil rights felony. The advantage to conspiracy against rights is it is a very broad statute and there is an ongoing criminal conspiracy... Covering up a conspiracy continues the conspiracy.”

  Memorable Moment:

  • [04:37] Mike Davis denounces “lawfare Democrats who politicized and weaponized law enforcement and intel agencies to go after Trump, his top aides, his allies and supporters.”

• Statute of Limitations: Davis argues the five-year statute for conspiracy doesn’t begin until active coverup stops, suggesting accountability is still possible for older conduct.

  • [07:11] Davis:
    “The statute of limitations does not begin to toll until the conspiracy has ended... Cover up a conspiracy, you continue the conspiracy.”

• Skeptics’ Pushback: Critics argue Russiagate was already investigated by Durham and Horowitz, with no high-profile charges.

  • [08:11] Davis rebuts:
    “If there's nothing here, they have nothing to worry about... There’s probably much more evidence that was never considered before. These investigations in the past were not taken seriously enough.”

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2. The 50-Year Mortgage: MAGA Backlash and the Housing Crisis

• Issue: President Trump pitches a new “50-year mortgage” to combat the housing affordability crisis, inspired by a suggestion from finance executive Bill Pulte. Trump posts a graphic on Truth Social comparing himself to FDR (“30-year mortgage” vs. “50-year mortgage”).

• Context: The National Association of Realtors reports the median first-time homebuyer is now 40—a decade older than in 2010—reflecting deepening housing inaccessibility.

• Reaction: The policy is met with skepticism, especially from Trump supporters.

  Notable Quotes & Criticism:

  • [11:27] Daniel McAdams (Ron Paul Institute):
    “40 years old is the average age... How devastating that is for families. Say a woman wants to settle down and get married. The man can't buy a house until he's 40. She's already 40 when she's starting a family. Just absolutely terrible.”
  • [12:16] Trump, on Fox News:
    “It's not even a big deal... All it means is you pay less per month. You pay it over a longer period of time. It's not like a big factor. It might help a little bit.”
  • [12:50] Fox’s Charles Payne breaks down the cost:
    “If you just took a 4% interest rate for a 30-year, it would be $2,300... For a 50-year it would be $1,900... But by the time you finish paying, the 30-year, you pay $359,000 versus a 50-year, almost $700,000. So it's just a gargantuan difference.”

• Political Fallout: White House reportedly upset that Pulte bypassed official channels; no official policy announced yet.

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3. Letitia James and the Virginia Property Dramas

• Scandal: NY Attorney General Letitia James under scrutiny after DOJ indicts her for bank fraud and making false statements about a Virginia home purchase.

• Allegations: James allegedly misrepresented her intent to occupy the property, instead letting relatives stay there, violating loan terms.

  • James denies any wrongdoing.

• Police Activity:

  • First property: 12 police calls between 2020–Oct 2025, for warrants, vandalism, domestic issues, suspicious persons.
    • Occupied by James’s grandniece Nakia Thompson, a fugitive with a criminal record in NC—charges include “malicious conduct by a prisoner, assault of a government official and resisting a public officer.” Notably, she “allegedly threatened to punch her child's assistant principal after calling her a bald headed bitch.”
  • Second property: 9 calls between Apr–Oct 2024, 1 in Apr 2025; occupied by grandniece Kayla Thompson Hairston, facing weapons charges and with a 2020 charge for “malicious wounding” (stabbing/cutting/wounding with intent to maim).
  • Both homes show “numerous run-ins with the law,” while James maintains her public stance of “no one is above the law.”

  Memorable Moment:

  • [16:53] Megan Kelly, with biting sarcasm:
    “These facts would have led her right to her own property and the presence of a fugitive and an OnlyFans model who can't seem to keep the cops off of James doorstep. Are they above the law, Tish?”

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4. Veterans Day Ceremony & Trump’s “Victory Day” Push

• Event: President Trump, with VP J.D. Vance and VA Secretary Doug Collins, attends Veterans Day ceremonies at Arlington, offers thanks to veterans.

• Key Excerpt:

  • [13:40] Trump:
    “On these hallowed grounds where generations of American heroes rest in eternal glory, we gather to fulfill the sacred duty of every free man and woman on Veterans Day. We honor those who have worn the uniform... Thank you for your service. Thank you very much.”

• New Proposal: Trump floats idea to rename Veterans Day as "Victory Day" for WWI & WWII, referencing other nations’ traditions.

  • [14:26] Trump:
    “From now on we're going to say Victory Day for World War I and World War II. And we could do for plenty of other wars, but we'll start with those two.”

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Timestamps for Key Segments

• Russiagate Subpoenas Unpacked: [00:24] – [08:46]
  • Mike Davis analysis: [04:37], [05:21], [06:03], [07:11], [08:11]
• 50-Year Mortgage Debate: [10:45] – [13:18]
  • Daniel McAdams: [11:27]
  • Trump remarks (Fox): [12:16]
  • Charles Payne (cost breakdown): [12:50]
• Trump Veterans Day Speech and “Victory Day” Proposal: [13:40] – [15:05]
• Letitia James Virginia Scandal: [15:05] – [16:53]

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Tone & Takeaways

Megyn Kelly marshals a no-nonsense, investigatory tone with pointed critiques of political, legal, and policy hypocrisy across the spectrum. The episode is marked by wit, skepticism toward accepted narratives (on Russiagate and mortgage proposals), and unvarnished assessment of the personal accountability of public officials.

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Memorable Quotes Highlight

• “[The conspiracy] is ongoing. Covering up a conspiracy continues the conspiracy.”
  — Mike Davis, on potential legal exposure for former officials ([06:03])
• “It's renting disguised as home ownership. You won't own your home until you're in your 80s.”
  — Megan Kelly, criticizing ultra-long mortgages ([00:39])
• “Are they above the law, Tish?”
  — Megan Kelly, regarding Letitia James’s family scandals ([16:53])

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For a full breakdown of these stories and Kelly’s fiery commentary, check out the entire episode on SiriusXM or YouTube.

Transcript

[A]

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[B]

Good morning everyone. I'm Megyn Kelly. It's Wednesday, November 12, 2025 and this is your AM update.

[A]

There's probably much more evidence that was never considered before.

[B]

A slew of new subpoenas targeting high ranking Obama officials suggesting the investigation into the origins of the Russia collusion hoax could be heating up.

[A]

It's renting disguised as home ownership. You won't own your home until you're in your 80s.

[B]

President Trump pitches a 50 year mortgage and many in MAGA do not like it. Mr. Trump delivers remarks commemorating Veterans Day at Arlington National Cemetery and a wild new report on the shenanigans at New York Attorney General Letitia James. Virginia properties occupied by her troubled relatives. All that and more coming up in just a moment on your AM Update. We talk a lot about personal responsibility on this show. Well, here's one aspect that's really important. Your health. And I'm not talking about following whatever the experts recommend. I'm talking about real data driven decisions based on your body's actual numbers. We demand transparency in government, but most of us have no idea what's happening inside of our own bodies. Disease can develop silently for years before symptoms appear. By then you're playing catch up with expensive treatments instead of preventing problems when they are cheap and easy to fix. Well, I want to tell you about Jevoty. They are revolutionizing preventative care with something radically different. 100 plus blood markers tested at your home. Personalized supplement packs shipped directly to you based on your deficiencies, biannual retesting to track progress, plus ongoing virtual consultations on your schedule. This is healthcare independence and you get 20% [e-mail] Megan with code Megan that's Gojevity. G E V I T I.com Megan because nobody should control your health decisions but you. Last week a federal grand jury out of the Southern District of Florida reportedly subpoenaing former CIA director John Brennan and former FBI officials Peter Strzok and Lisa Page, Fox News reporting. As many as 30 subpoenas are expected to be issued to high level officials in connection with the ongoing investigation into the origins of the so called Russia collusion hoax. The New York Times reporting earlier this week, former Director of National Intelligence under President Obama, James Clapper. One of those subpoenaed MSNBC reporting, quote, the subpoenas request documents, including emails and texts related to the intelligence community assess about Russian interference in the 2016 election. The relevant dates are between July 1, 2016 and February 28, 2017. That time frame, including the last six months of the Obama administration into the early months of Trump 1.0, covering the period of time in which outgoing President Obama reportedly ordered the intelligence community to compose a new Intelligence community assessment, or ICA, on Russian interference in the 2016 election. Director of National Intelligence Tulsi Gabbard and CIA Director John Ratcliffe making documents public over the summer showing that ICA did not adhere to intelligence community standards in its determination that Russia, quote, aspired to help Mr. Trump's chances of victory. For example, a declassified House Intel Committee report found that CIA Director Brennan under Obama overruled two senior CIA officers who objected to any reference to the now discredited Clinton funded Steele dossier in the ica. When confronted about the Steele dossier's many flaws, Brennan said, yes, but doesn't it ring true? According to the report, the New York Post reporting, quote, the people targeted by the subpoenas are seen as part of the conspiracy that peddled claims President Trump's campaign colluded with the Russian government ahead of the 2016 election. We spoke with lawyer and founder of the Article 3 Project, Mike Davis, on the significance of these subpoenas and what could be coming next.

[A]

I have pushed very publicly for over three years for that Fort Pierce grand jury to investigate all of this criminal misconduct by Obama, Biden, Hillary, the Attorney General, Homie Brennan, Clapper, Weissman, J. Brack, Jack Smith, Fanny Willis, Tish James, all of these lawfare Democrats who politicized and weaponized law enforcement and intel agencies to go after Trump, his top aides, his allies and supporters.

[B]

Davis, a good friend of U.S. attorney Jason Redding Quinones for the Southern District of Florida, who is overseeing the probe on what the reported scope of the subpoenas indicates about the investigation.

[A]

If MSNBC's reporting is accurate, that would indicate that these initial subpoenas are looking at the Russian collusion hoax at the end of the Obama administration, at the end of the beginning of the Trump administration. And so I think that's going to be a piece of this investigation, but I think this investigation could be much broader than that and I anticipate that it will be much broader than that. I think it's going to cover this ongoing criminal conspiracy over the last eight years.

[B]

As far as the possible crimes, the targets of the investigation may have committed. Davis pointing to 18 USC section 241, conspiracy against rights Congress.

[A]

And that's it. The federal criminal statute of conspiracy against rights to the Civil War to take down the Klan. When people conspire to violate the constitutional rights of Americans, they are committing a very serious federal civil rights felony. The advantage to conspiracy against rights is it is a very broad statute and there is an ongoing criminal conspiracy, meaning the federal statute of limitations of five years that generally applies to almost all federal crimes would not save these lawfare Democrats because the conspiracy is ongoing. Covering up a conspiracy continues the conspiracy. The conspiracy has not ended because they're actively trying to cover it up. They're lying about it, they're obstructing the investigations.

[B]

The statute of limitations on criminal conspiracy expires after five years and the reported scope of these subpoenas falls well outside of that limit. Davis explaining here why he believes Quinones has room to maneuver.

[A]

The statute of limitations does not begin to toll until the conspiracy has ended. You have to disavow the conspiracy to end the conspiracy and then you have five years from when the conspiracy ends to bring these federal charges for conspiracy against rights. But when you cover up a conspiracy, you continue the conspiracy. Every person who politicized and weaponized intel agencies and law enforcement to take out their political enemies for non crimes could be subjected to this criminal conspiracy against rights investigation that apparently is being led out of the Southern District of Florida.

[B]

Critics of these subpoenas say Russiagate has already been investigated twice, once by Special Counsel John Durham and once by DOJ Inspector General Michael Horowitz. No high ranking officials charged in the aftermath of either probe. We asked Davis about that.

[A]

Number one, I would say to these lawfare Democrats, if there's nothing here, they have nothing to worry about. Number two, I would say to these lawfare Democrats, Cash Patel and Dan Bongino, working with Senator Chuck Grassley, just found very damning records in burn bags in a skiff at the FBI. So they just discovered that new evidence that was never considered considered before. And there's probably much more evidence that was never considered before. These investigations in the past were not taken seriously enough. And that's obvious by the fact that they found these records and burn bags that are so damaged.

[B]

Time will tell. Coming up, President Trump delivering remarks commemorating Veterans Day at Arlington National Cemetery and a scandalous report about repeated police activity at two homes owned by New York Attorney General. No one is above the law. Tish James, if you're ever worried about the safety of your home. You need to hear about Simplisafe's early access Black Friday sale. We're already having Black Friday sales. This is great. Traditional security systems respond after somebody has broken into your house. It's a little late. Simplisafe is different. It can stop crimes before they happen. It's like Minority Report, only in real life with active guard outdoor protection AI powered cameras detect threats while they're still outside of your home. And then they alert real security agents. The agents take action while the intruder is still outside. They confront the intruder. They let them know they're on cam. Can you imagine this? Don't you want to see this happen? They alert cops and it even triggers a loud siren and spotlight if needed. Busted. Simplisafe's agents have your back even if you are not there. There are no long term contracts. Those are annoying. No hidden fees. Even more annoying. And you can cancel at any time. SimpliSafe has been named best home security system by U.S. news and World Report five years in a row now. And they offer a 60 day money back guarantee. Don't miss out. SimpliSafe's biggest sale of the year. 60% off a SimpliSafe home security system at simplisafe.com Megan 60% off [e-mail] Megan there's no safe like SimpliSafe. President Trump igniting a new debate relating to the housing crisis. Posting a graphic to Truth Social Saturday headlined quote great American Presidents featuring an image of FDR with the caption 30 year mortgage and an image of President Trump captioned 50 year mortgage. The idea facing swift backlash from the MAGA base, the recently released National association of Realtors 2025 profile revealing a startling statistic for the first time, the median age for the first time homebuyer is 40. In 2010, the median age was 30. The U.S. chamber of Commerce reporting a shortage of more than 4.7 million homes contributing to skyrocketing prices. Executive director of the Ron Paul Institute for Peace and Prosperity, Daniel McAdams, dedicated to free market principles, describing the dire reality of these stats on the Ron Paul Liberty Report podcast.

[C]

40 years old is the average age.

[A]

How devastating that is for families. Say a woman wants to settle down and get married. The man can't buy a house until he's 40. She's already 40 years old when she's starting a family. You know, it's just absolutely terrible.

[B]

The man behind President Trump's 50 year mortgage pitch, the nation's top housing finance regulator, Bill Pulte Pulte reportedly floating the idea as a means of making home buying more accessible for Americans amid an affordability crisis. Political reporting White House officials are furious with Pulte for bypassing official channels and pitching the unvetted idea directly to President Trump, who reportedly posted the graphic to Truth Social Media. Just minutes after their Mar a lago conversation, Mr. Trump pushed on Fox about the proposal, shrugging off the criticism. Is that really a good idea?

[D]

It's not even a big deal. I mean, you know, you go from 40 to 50 years and whatever, you pay something less from 30. Some people had a 40 and then now they have a 50. All it means is you pay less per month. You pay it over a longer period of time. It's not like a big factor. It might help a little bit. But the problem was that Biden did this. He increased the interest rates and I have a lousy Fed person who's going to be gone in a few months.

[B]

Fox host Charles Payne on Monday, breaking down the math and why he believes a 50 year mortgage is not the solution to an affordability crisis.

[C]

I do not like this idea. And again, it depends on how much the house costs and what. But if you just took a 4% interest rate for a 30 year, it would be 2,300. For a 50 year it would be 1,900. So you're saving almost 500 bucks a month in terms of affordability. But by the time you finish paying this bad boy off the 30 year, you pay 359,000 versus a 50 year, almost $700,000. Right? So it's just a gargantuan difference. Just to make people feel better, the.

[B]

Administration has not announced an official policy for now. President Trump yesterday, flanked by Vice President and Iraq war veteran J.D. vance and veterans Affairs Secretary Doug Collins, laying a wreath at the Tomb of the Unknown Soldier in Arlington National Cemetery in honor of Veterans Day. President Trump thanking the nation's veterans this morning.

[D]

On these hallowed grounds where generations of American heroes rest in eternal glory, we gather to fulfill the sacred duty of every free man and woman on Veterans Day. We honor those who have worn the uniform, who have worn the battle, who have stood to watch, whose ranks have formed the mighty wall of flesh and blood, bravery and devotion that has defended our freedom for 250 years. Today, to every veteran, we love our veterans. We say the words too often left unsaid. Thank you for your service. Thank you very much.

[B]

The president also making this proclamation.

[D]

As you know, today is not only Veterans Day, but it's my proclamation that we are now going to be saying and calling Victory Day for World War I. I was recently at an event and I saw France was celebrating Victory Day, but we didn't. And I saw France was celebrating another Victory Day for World War II and other countries were celebrated. They were all celebrated. We're the one that won the wars. And I said from now on we're going to say Victory Day for World War I and World War II. And we could do for plenty of other wars, but we'll start with those two.

[B]

The President has previously floated the idea of renaming Veterans Day Victory Day, but the change has not yet been made official. More drama on New York Attorney General Letitia James Hobby Home Front the New York Post exclusively reporting on a flurry of police activity at two homes in Norfolk, Virginia owned by James, who famously often repeats that no one is above the law. James allegedly purchased the homes in 2020 and 2023. In October, a federal grand jury indicting James on charges of bank fraud and false statements to a financial institution relating to the home purchased in 2020. The DOJ alleging James illegally obtained favorable mortgage terms by representing that it would be her second residence used for her own personal use and enjoyment when she instead used it as an investment property and let family live there. James denies any wrongdoing. The Post reporting that James own behavior not the only alleged crime committed by those who own or occupy the James residences in Virginia, reporting that James's criminally troubled grand niece, 36 year old Nakia Thompson, moved into one of the homes with her children soon after closing in August 2020. The cops reportedly called to that residence 12 times, including several occasions in which they were called multiple times in one day. Sure that's normal. According to the Post, quote, cops went out to the house for issuing warrants and subpoenas, as well as for incidents labeled vandalism, domestic issues and for suspicious persons. Of the dozen total calls, three placed in 2020, one each from 2021 to 2023, and six in the first two weeks of October of this year, coinciding with news breaking about the property. And it doesn't end there. The Post reports that Thompson is a fugitive from authorities in North Carolina for failing to finish probation related to charges including malicious conduct by a prisoner, assault of a government official and resisting a public officer. While many fugitives attempt to lay low, the paper reporting numerous run ins with the law in Virginia, including when Thompson, quote, allegedly threatened to punch her child's assistant principal after calling her a bald headed bitch. James other Virginia home purchased in 2023 occupied by James niece and her two children, also the site of repeated police activity, the Post reporting cops showing up nine times between April and October 2024 and once in April of this year. Grand niece Kayla Thompson Hairston, a resident at this property and a reported OnlyFans model, charged in April 2024 with lying about her criminal record when she tried to purchase a gun in Suffolk, Virginia. According to the post, in August of 2020, Kayla was charged with, quote, malicious wounding, defined as shooting, stabbing, cutting or wounding another person with intent to maim, disfigure, dis. Meanwhile, her great aunt Tish James was in New York boasting about her, quote, sworn duty to protect and uphold state law, promising to, quote, follow the facts of any case wherever they lead. These facts would have led her right to her own property and the presence of a fugitive and an OnlyFans model who can't seem to keep the cops off of James doorstep. Are they above the law, Tish and that'll do it for your AM Update. I'm Megyn Kelly. Join me back here for the Megyn Kelly show live on SiriusXM's the Megyn Kelly Channel 111 at noon east on YouTube.com Megyn Kelly and on all podcast platforms.

[E]

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