NORFOLK, Va. — New York Attorney General Letitia James is set to be arraigned on federal charges of bank fraud on Friday.

James was indicted earlier this month. The Justice Department's charges center on a home on Peronne Avenue near Lafayette Boulevard. Federal prosecutors say James misrepresented her property as a second residence instead of a rental when applying for a mortgage.

According to the indictment, James purchased the home for $137,000 and borrowed $109,600 — and because she received more favorable lending terms and a larger seller credit, she allegedly saved $18,933 over the life of the loan.

Now, the New York attorney general is facing two federal charges: bank fraud and making false statements. James is set to plead not guilty, CBS News reports — she has previously called

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