Fast Learn
- President Trump urged Federal Reserve Governor Lisa Cook dinner to resign following a letter from FHFA Director Invoice Pulte alleging she dedicated mortgage fraud on two property loans in 2021.
- Pulte claims Cook dinner falsified financial institution paperwork and property information to acquire favorable mortgage charges for properties in Michigan and Georgia, calling for a DOJ investigation to guard FHFA pursuits.
- That is the third mortgage fraud allegation from the Trump administration concentrating on political figures.
An AI device created this abstract, which was primarily based on the textual content of the article and checked by an editor.
The president requested Cook dinner to resign from her put up after FHFA Director Invoice Pulte accused her of mortgage fraud. Pulte has leveled related accusations in opposition to different political adversaries
Fast Learn
- President Trump urged Federal Reserve Governor Lisa Cook dinner to resign following a letter from FHFA Director Invoice Pulte alleging she dedicated mortgage fraud on two property loans in 2021.
- Pulte claims Cook dinner falsified financial institution paperwork and property information to acquire favorable mortgage charges for properties in Michigan and Georgia, calling for a DOJ investigation to guard FHFA pursuits.
- That is the third mortgage fraud allegation from the Trump administration concentrating on political figures.
An AI device created this abstract, which was primarily based on the textual content of the article and checked by an editor.
After failing to get Federal Reserve Chair Jerome Powell to resign, President Trump has turned his consideration to a brand new goal: Federal Reserve Board of Governors member Lisa Cook dinner.
The president on Wednesday urged Cook dinner to “resign now” after Federal Housing Finance Company (FHFA) Director Invoice Pulte posted a letter on X, the platform previously often called Twitter, asking U.S. Legal professional Common Pam Bondi to research Cook dinner for allegedly committing mortgage fraud in 2021.
Pulte stated Cook dinner bought two properties inside two weeks, claiming that each properties — one in Michigan and one in Georgia—can be her major residence within the mortgage purposes.
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The FHFA director stated Cook dinner’s mortgage paperwork included falsified financial institution paperwork and property information, which had been used to safe “extra favorable” charges for each buy loans, which had been for 15-year and 30-year phrases. Cook dinner’s alleged actions, he stated, warrant a Division of Justice (DOJ) investigation to guard “the security and the soundness” of the FHFA.
“How can this lady be in command of rates of interest if she is allegedly mendacity to assist her personal rates of interest?” Pulte stated on X.
Right here is the Felony Referral Letter on Lisa Cook dinner, the present Fed Governor. pic.twitter.com/aG0LGnokei
— Pulte (@pulte) August 20, 2025
“I realized from the media that FHFA Director William Pulte posted on social media that he was making a prison referral primarily based on a mortgage software from 4 years in the past, earlier than I joined the Federal Reserve,” Cook dinner stated in an announcement to the media. “I’ve no intention of being bullied to step down from my place due to some questions raised in a tweet. I do intend to take any questions on my monetary historical past critically as a member of the Federal Reserve and so I’m gathering the correct data to reply any reputable questions and supply the info.”
Misrepresenting occupancy standing on a mortgage software to acquire a greater rate of interest is against the law, however debtors can legally personal multiple major residence in some circumstances, lawyer Jon Goodman advised The Wall Road Journal.
A 2023 evaluation by researchers on the Federal Reserve Financial institution of Philadelphia discovered proof of owner-occupancy fraud in 2 p.c to three p.c of mortgage purposes, down from 7 p.c in 2006.
Former President Biden nominated Cook dinner, a Michigan State College economist and professor, to the Federal Reserve Board of Governors in January 2022. Cook dinner confronted a troublesome affirmation, with Senate Republicans unilaterally voting in opposition to her for being “too partisan” in her deal with gender and racial disparities throughout the financial system. After two votes, Cook dinner was confirmed 51-50, making her the primary Black lady to turn into a Fed governor.
Earlier than becoming a member of the Fed, Cook dinner was a White Home Council of Financial Advisers employees economist from 2011 to 2012, and was a Fed and financial institution regulatory coverage advisor for President Biden’s 2020 transition group.
Cook dinner is the third particular person to face mortgage fraud allegations from the Trump administration.
In April, Pulte urged the DOJ examine New York Legal professional Common Letitia James for allegedly making misrepresentations about two properties she owns to safe higher mortgage phrases. The Trump administration made related claims in opposition to California Senator Adam Schiff in July. A spokesperson for Schiff advised CNN in 2023 that Schiff financed and refinanced properties owned in California and Maryland as his major residence “as a result of they’re each occupied all year long and to differentiate them from a trip property.”
Lenders for each houses “had been effectively conscious of then-Consultant Schiff’s Congressional service and of his supposed year-round use of each houses, neither of which had been trip houses,” a Schiff spokesperson advised Inman in July. The spokesperson additionally stated the Trump administration’s determination to resurface the 2023 report was a smear marketing campaign and an try and distract the general public from the DOJ’s determination to not launch information in Jeffrey Epstein’s intercourse trafficking investigation.
In the meantime James’ lawyer, Abbe Lowell, has stated Pulte’s accusations had been “political retribution” after the NY AG gained a $486 million civil fraud judgment in opposition to Trump, which is now beneath attraction.
“U.S. Federal Housing Director William Pulte is the most recent administration officer to hold out the all-too-familiar playbook of the President: Reward the judicial system and people who serve it when he wins; criticize it when he loses, and assault these — attorneys and judges, alike — who’re doing their jobs to guard and uphold the rule of regulation,” Lowell advised AP.
Editor’s word: This story has been up to date with an announcement by Lisa Cook dinner, who says she is not going to step down from the Federal Reserve and is “gathering the correct data to reply any reputable questions” about her mortgages.
Electronic mail Marian McPherson
