I don't think that top federal banking officials should be allowed to commit mortgage fraud. I know that's a controversial opinion (on the left, at least).
Federal Housing Finance Agency Director William Pulte has referred possible criminal activity involving Federal Reserve Governor Lisa D. Cook to Attorney General Pam Bondi for investigation and action as appropriate. Pulte's letter states, "According to mortgage documents obtained by U. S. Federal Housing, it appears an individual, Ms. Lisa DeNell Cook, has falsified bank documents and property records to acquired more favorable loan terms, potentially committing mortgage fraud under the criminal statute."
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Since at least May 2022, Cook has been required to live in the Washington, D.C., metro area. Her exact date of moving to D.C. is unclear, but she was part of Joe Biden's transition agency review team as of November 2020 and was nominated for the Federal Reserve job in January 2021. The shenanigans started in the summer of 2021.
On June 18, 2021, Cook took a fifteen-year mortgage for $203,000 for a house in Ann Arbor, MI, which she said was to be her "primary residence," and she promised to live there full-time for at least one year." A mere fourteen days later, she took out another mortgage for a condo in Atlanta's "Above the Four Seasons" building for $540,000. Again, she stated this would be her primary residence and she would live there for at least one year. By September 2022, her Atlanta condo was listed for rent but "a review of Ms. Cook's federal government financial disclosures for calendar years 2022 and 2023 indicate that she has not disclosed any rental income tied to this address." Hmmm... I wonder if the IRS is taking notes.
CNN doesn't understand what the big deal is.
President Donald Trump on Wednesday called on a top policymaker at the Federal Reserve to resign, after one of his allies alleged that she committed mortgage fraud.
In a letter dated August 15, Federal Housing Finance Agency director Bill Pulte urged the Justice Department to investigate a pair of mortgages taken out in recent years by Fed Governor Lisa Cook.
On Wednesday, Trump referenced those allegations on his social media platform, writing that "Cook must resign, now!!!"
Pulte, a vocal Trump ally, has frequently criticized the Fed and its leader, Chair Jerome Powell, for not lowering rates. He also called for closer scrutiny of the central bank's costly refurbishment of its Washington, DC, headquarters.
"She needs to explain herself, but it's all there in black and white," Pulte said in a phone interview with CNBC on Wednesday. "I think she needs to resign quickly."
The new focus on Cook is an expansion of the Trump administration's intense pressure campaign against the Fed, specifically central bankers who aren't perceived as allies of the president.
CNN thinks the political story is that Trump wants criminals turned out of office, rather than the real political story, that high-ranking government officials Protected by the Democrat Party routinely commit serious crimes without any fear of punishment.
It's absolutely astounding how the Protected feel they are absolutely above the law. It's time to start putting them in prison, to encourage the others.