Swalwell Announces Run For California Governor Amid Probe Into Alleged Mortgage Fraud

Rep. Eric Swalwell (D-CA) announced Thursday night that he will run for California governor in 2026, joining an already-packed field of Democratic candidates vying to replace Gov. Gavin Newsom when his term ends. 

Appearing on “Jimmy Kimmel Live!”, Swalwell – a seven-term member of Congress and key figure behind the congressional push to impeach President Donald Trump during his first term, said that Trump is “not going to like this show,” before slamming the president and his administration for several minutes.

“What are we going to do? How do you stop this?” asked Kimmel.

“I’ll tell you what I’m going to do. I love California … that’s why it pisses me off to see Californians running through the fields where they work from ICE agents, or troops in our streets. It’s horrifying. Or cancer research being cut,” Swalwell replied.

“Our state, this great state, needs a fighter and a protector, someone who will bring prices down, lift wages up. I came here tonight, Jimmy, to tell you and your audience that I’m running to be the next governor of California.”

Swalwell said in a statement that he’s running for governor because “prices are too high and people are scared,” adding that the state is “under attack” from federal actions ranging from law enforcement deployments to funding cuts and – of course, immigration actions. 

As Politico frames it, “His decision to enter the race late in the year — when other candidates have had as much as a year’s head start — is the latest sign of an unsettled Democratic field in the race to succeed Gavin Newsom, with no decisive frontrunner.”

The leading Democrat, Katie Porter, has been hobbled by unflattering viral videos, while former Health Secretary Xavier Becerra and former Los Angeles mayor Antonio Villaraigosa have struggled to break into double-digits in the polls. The other contenders — state schools chief Tony Thurmond, former state controller Betty Yee, entrepreneur Stephen J. Cloobeck and former assemblymember Ian Calderon — have failed to break out from the bottom of the pack.

Other potential entrants to the race include a pair of billionaire entrepreneurs — Tom Steyer and Rick Caruso — while some Sacramento players have encouraged Attorney General Rob Bonta to take another look at the race.

The outlet also notes that “Swalwell has also become an object of derision on the right, where his detractors are quick to point out his previous ties to a Chinese spy who sought to influence American politicians. Swalwell has said he cooperated with the FBI when he was alerted to her work for the Chinese government and that he immediately cut off contact.”

Ongoing Investigation

Swalwell’s announcement comes roughly a week after Federal Housing Finance Agency (FHFA) Director Bill Pulte referred him to the DOJ for criminal prosecution over alleged mortgage fraud – becoming the fourth Democratic official to face mortgage fraud allegations in recent months.

In a letter to AG Pam Bondi earlier this month, FHFA director Bill Pulte said that Swalwell may have made false or misleading statements in loan documents.

Pulte alleges that Swalwell has several million dollars worth of loans and refinancing based on him declaring his primary residence as Washington, and has called for an investigation into mortgage fraud, state and local tax fraud, insurance fraud, and any related crimes. 

The next day, Swalwell lashed out – saying in a statement “As the most vocal critic of Donald Trump over the last decade and as the only person who still has a surviving lawsuit against him, the only thing I am surprised about is that it took him this long to come after me,” adding “Like James Comey and John Bolton, Adam Schiff and Lisa Cook, Letitia James and the dozens more to come — I refuse to live in fear in what was once the freest country in the world.“