Federal Housing Finance Agency (FHFA) Director Bill Pulte has taken aim at Federal Reserve Governor Lisa D. Cook, accusing her of mortgage fraud after designating a Michigan home and an Atlanta condominium as her primary residences on loan applications, potentially securing more favorable terms.
“U.S. Federal Housing FHFA, alleges in a Criminal Referral to the Department of Justice that Federal Reserve Governor, Lisa D. Cook, committed mortgage fraud by designating her out of state condo as her primary residence, just two weeks after taking a loan on her Michigan home where she also declared it as her primary residence,” posted the FHFA Director Wednesday morning on social media platform X. “When someone commits mortgage fraud, they undermine the faith and integrity of our System. It does not matter who you are—no one is above the law. We have sent a Criminal Referral to the Department of Justice with regard to the allegations against Ms. Cook, and the DOJ should go wherever the facts may lead them.”
Pulte posted a series of images and documents on X regarding Cook’s Michigan residence and another described as an “Atlanta condo.”
“According to mortgage documents obtained by U.S. Federal Housing, it appears an individual, Ms. Lisa McNeil Cook, has falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statue,” said Pulte in a letter to U.S. Department of Justice (DOJ) addressed to Attorney General Pam Biondi and U.S. Pardon Attorney Edward R. Martin Jr. “This has included falsifying residences statuses for an Ann Arbor, Michigan-based residence and an Atlanta, Georgia-based property in order to potentially secure lower interest rates and more favorable terms.”
President Trump called for Cook’s resignation shortly after on his social media page Truth Social: “Cook must resign, now!!!”
Cook, a former Michigan State University (MSU) Economist and Professor, was confirmed by the Senate Banking Committee to the Board of Governors of the Federal Reserve System in May 2022 under the Biden Administration, and is the first Black woman to serve on the Board of Governors in its 108-year history. Prior to her appointment, from 2018-2021, Cook was Director of the American Economic Association Summer Training Program. She was also a Research Associate at the National Bureau of Economic Research. Cook was on the faculty of Harvard University’s Kennedy School of Government. During her time at Harvard, she also served as Deputy Director for Africa Research at the Center for International Development. Before then, she was a National Fellow at Stanford University.
From 2011-2012, Cook served as a Senior Economist on the Council of Economic Advisers under President Barack Obama. From 2000-2001, she served as a Senior Advisor on Finance and Development in the U.S. Department of Treasury’s Office of International Affairs.
Pulte recently also accused another high-ranking member of the government of mortgage fraud, having recently sent a letter to both Attorney General Bondi and Deputy Attorney General Todd Blanche citing mortgage fraud allegations against California Sen. Adam Schiff. In the letter, Pulte made claims similar to the allegations against Cook, citing: “Mr. Adam B. Schiff has, in multiple instances, falsified bank documents and property records to acquire more favorable loan terms, impacting payments from 2003-2019 for a Potomac, Maryland-based property.”
Schiff, the lead investigator in the impeachment inquiry of President Trump, also faced public criticism from the President via social media, claiming that Sen. Schiff was guilty of “mortgage fraud,” and demanded that he be “brought to justice.”
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