Federal Reserve Governor Lisa Cook on Wednesday said she will not be bullied into resigning from the board of the nation’s central bank over allegations of mortgage fraud.
“I have no intention of being bullied to step down from my position because of some questions raised in a tweet,” Cook said in a statement. “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.”
President Donald Trump on Wednesday called on Cook to resign after officials accused her of mortgage fraud.
Bill Pulte, the chair of the Federal Housing Financing Agency (FHFA), said that it appears Cook “has falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statutes.”
The records state:
The referral centers on two 2021 mortgages. Records show Cook took out a $203,000, 15-year loan on a home in Ann Arbor, Mich., in June 2021 with a clause requiring her to use it as a primary residence for at least a year. Two weeks later, she obtained a separate $540,000, 30-year mortgage on a property in Georgia with the same requirement. Pulte also cited what appeared to be a 2022 rental listing for the Georgia home and urged investigators to examine whether she treated it as an investment.
Trump took to Truth Social, stating, “Cook must resign, now!!!”
A congressional aide familiar with Cook’s initial confirmation told Breitbart News, “I’m unsurprised Trump-hating Lisa Cook lied on her mortgage application. She’s had trouble with the truth her entire career, from plagiarizing papers to embellishing her resume. If Congressional Republicans launch an investigation, which they are very likely to do, Lisa’s goose will be cooked.”
The Trump administration has targeted Democrats over mortgage fraud allegations, including Sen. Adam Schiff (D-CA) and New York Attorney General Letitia James.
Breitbart News reported that, with Cook’s potential resignation, Trump could gain a new ally at the Fed. It could help Trump gain a majority on the board if Fed Chairman Jerome Powell were to step down next May.
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