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.

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.”

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.

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?”

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.”

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]

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.

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])

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