US President Donald Trump’s housing regulator raises allegations of mortgage fraud against Fed member
US President Donald Trump’s housing regulator, Bill Pulte, has raised allegations of mortgage fraud against Fed member Lisa Cook, saying she should resign or be fired. Federal Housing Finance Agency (FHFA) Director Pulte said on CNBC’s “Money Movers,” “Frankly, I think he should resign quickly. He’ll either resign or be fired.”
Pulte’s statements came after she sent a letter to the Department of Justice (DOJ) requesting a criminal investigation into Cook. Trump, following the letter, supported Pulte’s call on social media, tweeting, “He must resign now!”
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If Cook Resigns, Trump’s Pro-Rate Rate Cut Members Could Reach Majority
If Cook leaves office, Trump could potentially secure a majority among Fed members who support interest rate cuts. It would also clear the way for Trump-affiliated candidates to fill the 12 regional Fed chair positions that are due for renewal in February.
Pulte alleged that Cook’s simultaneous listing of two properties as his primary residence was “clear mortgage fraud.” “You can’t do that in America,” he said. “If you committed fraud, it will be clearly exposed and you will be prosecuted.”
Cook was appointed to the Fed in 2022 by former President Joe Biden and voted to keep interest rates steady at the last meeting. The Fed and the Justice Department declined to comment on Pulte’s allegations and Trump’s response.
The Trump administration has previously filed similar mortgage-related charges against Democratic Senator Adam Schiff and New York Attorney General Letitia James. This is being seen as a new dimension to Trump’s pressure campaign on the Fed to lower interest rates.
*This is not investment advice.