At the center of the scandal are two Florida homes owned by Mosby. Mosby is alleged to have lied about her federal tax obligations while submitting paperwork for the loans, having not paid federal taxes in several years.
Additionally, Mosby is alleged to have dishonestly purchased the home via a "second home rider," which allowed a lower interest rate for the property.
Online listings reviewed by Fox Business Digital show the two vacation homes have a combined 10 bedrooms and eight bathrooms.
Mosby said in a statement Friday that she needs "citizens, who I am blessed to serve, to know that I am innocent of the charges that have been levied against me, and I intend to fight to prove my innocence and clear my name.
"I sought elected office because I knew there was so much more we could do and should be doing to bridge the divide between the criminal justice system and the communities that we are trusted to serve."
Mosby, a Democrat, won her previous election for Baltimore state's attorney in 2018, receiving 146,181 votes.
Mosby's attorney, A. Scott Bolden, told FOX 45 in a statement that his client did nothing wrong.
"Marilyn Mosby is innocent, has been innocent, and we look forward to defending her in the court of law and presenting evidence of her innocence to a jury of her peers," Bolden said. "We will fight these charges vigorously, and I remain confident that once all the evidence is presented, that she will prevail against these bogus charges — charges that are rooted in personal, political and racial animus five months from her election."
Mosby gained national popularity when she served as the prosecutor in the Freddie Gray case in 2015. Gray was an African American man who died in police custody.
Fox News's Adam Sabes contributed to this report.