Fed Governor Lisa Cook Confirms Second Home Amid Fraud Claims

Federal Reserve Governor Lisa Cook is currently facing allegations of mortgage fraud from the Trump administration, which claims she improperly designated two properties as her primary residences to gain favorable mortgage terms. However, newly surfaced documents, including a loan estimate and security clearance forms, show that Cook described one of the properties, a condominium purchased in June 2021, as a "vacation home" or "second home," potentially undermining these allegations. Cook has denied wrongdoing and filed a lawsuit to block her dismissal, successfully obtaining an injunction that allows her to remain on the Federal Reserve board while the administration's appeal is pending. The controversy is part of President Trump's broader effort to reshape the Federal Reserve and push for a steep interest rate cut. Bill Pulte, a Trump appointee, has referred the matter to the Department of Justice, which has opened an investigation. Tax records also indicate Cook never claimed a homestead exemption on the disputed property, further contesting the claims against her.