The Biden-appointed Federal Reserve governor Lisa Cook is facing a political and legal firestorm after President Donald Trump ousted her last week. Now the Department of Justice has escalated the matter into a full-blown criminal investigation.
According to reports, federal prosecutors are digging into allegations that Cook misrepresented her primary residence to obtain favorable terms on mortgages. At issue are two properties — one in Ann Arbor, Michigan, and another in Atlanta, Georgia. Paperwork provided to investigators allegedly shows Cook claimed both as her “primary residence” in 2021.
This revelation triggered subpoenas and grand jury proceedings, with the Wall Street Journal noting prosecutors are weighing possible criminal charges. The government would need to prove that Cook intentionally tried to deceive mortgage authorities, not simply that there were mistakes on forms.
Trump Acts After Referral
President Trump made the dramatic move to terminate Cook after receiving a referral from William Pulte, the head of the Federal Housing Finance Agency (FHFA). Pulte accused Cook of attempting to game the mortgage system, prompting Trump to act decisively.
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