President Trump called on the governor of the Federal Reserve to resign over mortgage fraud allegations.
Trump posted on Truth Social citing a Bloomberg report.
"Cook must resign, now!!! bloomberg.com/news/articles/20"
Director of the Federal Housing Finance Agency Bill Pulte alleged that Cook “falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud.”
According to the letter, the U.S. Federal Housing department obtained Cook's mortgage documents that show she falsified state residency statuses for a property in Ann Arbor, Michigan and Atlanta, Georgia.
Cook allegedly claimed a Michigan address as a primary residence in June 2021 and then claimed an Atlanta address for another mortgage in July 2021, Pulte posted on X.
Here is the Criminal Referral Letter on Lisa Cook, the current Fed Governor. pic.twitter.com/aG0LGnokei
— Pulte (@pulte) August 20, 2025
Former Pres. Joe Biden appointed Cook to serve on the Board through 2038.
In Michigan, someone who claims a principal residence can avoid paying up to 18 mills in local property taxes for a permanent residence but not for second homes or rental properties. Anyone claiming the homestead tax credit must live in Michigan for at least 183 days to exempt a residence from local school district taxes.
The U.S. Federal Reserve pushed back on the claims, Cook told Townhall in an email.
“I learned from the media that FHFA Director William Pulte posted on social media that he was making a criminal referral based on a mortgage application from four years ago, before I joined the Federal Reserve. I have no intention of being bullied to step down from my position because of some questions raised in a tweet. I do intend to take any questions about my financial history seriously as a member of the Federal Reserve and so I am gathering the accurate information to answer any legitimate questions and provide the facts.”
The central bank, which has 12 locations, sets interest rates and manages monetary policy, meaning that it can print or destroy money. It printed trillions of dollars during the COVID-19 pandemic that likely triggered a wave of inflation witnessed through higher energy and grocery prices. Inflation spiked to a 40-year high at 9.1% in 2022, according to the U.S. Bureau of Labor Statistics.
Trump wants the Federal Reserve to cut the interest rate. Lower interest rates make buying expensive items like homes and vehicles cheaper when financed over time.
Trump posted on Truth Social:
"Could somebody please inform Jerome 'Too Late' Powell that he is hurting the Housing Industry, very badly? People can’t get a Mortgage because of him. There is no Inflation, and every sign is pointing to a major Rate Cut. 'Too Late”'is a disaster!"
Interest rates have hovered around 6% for two years. In 2020, rates dropped as low as 2.6%, according to the St. Louis Federal Reserve.
The interest rate might seem high now, but in 1981, that rate spiked to nearly 17%.
The Federal Reserve has 12 voting seats that rotate depending on the year, according to the St. Louis Federal Reserve. Seven board members and the New York Federal Reserve president hold permanent voting power while the other votes are given to rotating presidents of the other 11 Federal Reserve Banks.
The Federal Open Market Committee makes policy for the Federal Reserve. It meets eight times per year.
Trump's administration is also investigating New York Attorney General Letitia James for alleged mortgage fraud.