Federal Reserve Governor Lisa Cook stated on Wednesday that she will not resign from the board of directors amid allegations of mortgage fraud.
“I’m not going to be forced out of my position based on some questions brought up on Twitter,” Cook mentioned in a statement. “As a Federal Reserve member, I take my financial history seriously, and I make sure to gather the correct information to provide facts.”
President Donald Trump urged Cook to step down on the same day.
Bill Pulte, the chairman of the Federal Housing Financing Agency (FHFA), accused Cook of potentially falsifying bank documents and property records to secure better loan terms, thereby committing mortgage fraud.
Details were brought to light concerning two mortgages from 2021. Records indicate Cook received a $203,000 loan for her Ann Arbor, Michigan residence in June 2021, which was required to be her primary home for a minimum of a year. Just two weeks later, she obtained a $540,000 mortgage for a property in Georgia, also with the same stipulation. Pulte mentioned what appears to be a 2022 rental listing for the Georgia property, urging investigators to determine if it was viewed as an investment.
Trump made a statement via Truth Social, insisting, “The chef must resign, now!!!”
A council aide familiar with Cook’s original confirmation shared insights with Breitbart News, saying, “I’m not surprised. Lisa Cook, who has an aversion to Trump, misrepresented her mortgage application. She’s plagiarized the truth. If you start scrutinizing her resume, it’s very likely you’ll find discrepancies, given how congressional Republicans have scrutinized her background.”
The Trump administration has targeted various Democrats with allegations of mortgage fraud, including Senator Adam Schiff and New York Attorney General Letitia James.
According to Breitbart News, Trump’s administration could forge a new alliance with the Federal Reserve if Cook resigns. Should Fed Chairman Jerome Powell step down next May, Trump might help secure a majority on the board.
