Lisa Cook, who serves on the Federal Reserve Board of Governors, might be cooked.
She's accused of committing mortgage fraud someone between one and three times, according to Director of the Federal Housing Finance Agency Bill Pulte.
He posted on social media that U.S. Federal Housing sent a second criminal referral in her case related to a mortgage on a third property that she allegedly lied about on her taxes.
“3 strikes and you’re out."
Pulte claimed that Cook entered a 15-year mortgage on a Massachusetts property in 2021 and listed it as her second home. Then, she allegedly claimed the property as an investment or rental property.
“ Representing the property as a second home may have allowed Cook to secure a lower “Second Home” mortgage down payment and rates, as investment properties typically carry higher down payments and higher rates due to increased risk. Additionally, Cook allegedly misrepresented her Atlanta, GA property from 2022-2025 to the U.S. Government as her residence, despite evidence suggesting it was being rented out to tenants. Similarly, Cook declared in a 2025 government filing that her Ann Arbor, MI property was her personal residence, however, we have reason to believe that as of 2025, the Ann Arbor property is being used as a rental property, not a personal residence. These inconsistencies appear Cook made additional, multiple false representations, including to the U.S. Government, regarding the status of her mortgages and properties.”
3 strikes and you’re out.
— Pulte (@pulte) August 29, 2025
Today, U.S. Federal Housing sent a 2nd Criminal Referral in the matter of Lisa D. Cook, related to a mortgage on a 3rd property and alleged misrepresentations about her properties to the United States Government during her time as Governor of the… pic.twitter.com/TAH68Mia23
Cook apparently has properties in Michigan, Georgia, and Massachusetts. It's not clear which property she claims as a primary residence.
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.
President Trump called on Cook to resign and then fired her for "cause" of the mortgage fraud allegation.
She then sued him. The employee claimed that Trump doesn't have the authority to fire her.
"This case challenges President Trump's unprecedented and illegal attempt to remove Governor Cook from her position which, if allowed to occur, would be the first of its kind in the Board's history," the lawsuit said.
The Federal Reserve might lower rates in September, according to Federal Reserve Chair Jerome Powell. Lower interest rates make buying expensive items like cars and homes cheaper over time. The Federal Reserve has held rates steady between five and seven percent to starve out inflation following record low interest rates in 2020.
Trump's administration is also investigating New York Attorney General Letitia James for alleged mortgage fraud.