Federal Reserve Governor Lisa Cook is fighting efforts by the Trump administration to remove her over allegations of mortgage fraud, after documents showed she described a Georgia condominium as a “vacation home” in loan paperwork.
Cook purchased the Atlanta condo in June 2021 while also owning a property in Ann Arbor, Michigan. Administration officials claim she improperly declared both as “primary residences” to secure favorable mortgage terms. But a loan estimate listed the condo as a vacation home, and on a security clearance form Cook called it a “second home,” according to documents obtained by the Associated Press.
President Trump is seeking to fire Cook “for cause,” the first attempt to remove a sitting member of the seven-person Fed board. Cook sued to block the dismissal and won an injunction this week allowing her to remain on the board. The administration has appealed and requested an emergency ruling ahead of next week’s Fed meeting, when officials are expected to consider a quarter-point interest rate cut.
Bill Pulte, a Trump appointee to the agency overseeing Fannie Mae and Freddie Mac, submitted a criminal referral to the Justice Department, which has opened an investigation. Fulton County records show Cook never claimed a homestead exemption on the condo since buying it.
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