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Federal housing finance regulator Bill Pulte has accused Federal Reserve governor Lisa Cook of mortgage fraud and referred her for criminal prosecution.
Pulte, who chairs the Federal Housing Finance Agency, posted a letter to the attorney general claiming that Cook “has falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statutes.” According to the letter, Cook took out a mortgage on a Michigan home listed as her principal residence, and shortly afterward obtained a mortgage on an Atlanta condominium also described as her primary residence. Pulte’s letter states that she later listed the Atlanta condo as a rental property in 2022, despite having represented it as her main home in mortgage documents. There is no indication that Cook has defaulted on either loan.
President Donald Trump has publicly called for Cook’s resignation, signaling his intent to reshape the Federal Reserve with governors aligned to his priorities. Pulte’s accusations come amid broader political tension, with Trump reportedly using various allegations to challenge Fed leadership. Cook, who joined the Fed Board of Governors in 2022, has a term extending until 2038 and has generally supported dovish policies, including potential interest rate cuts.
Pulte has leveraged his authority over Fannie Mae and Freddie Mac to target perceived opponents, with the agency previously making similar allegations against California Senator Adam Schiff and New York Attorney General Letitia James. The case underscores ongoing political maneuvering around the Fed and mortgage regulation.
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