Trump Ally Launches Attack — Fed Governor Lisa Cook Accused of “Dual Home Loan Fraud”?

TradingKey - Bill Pulte, Director of the Federal Housing Finance Agency (FHFA) and a Trump ally, has formally written to Attorney General Pam Bondi urging a criminal investigation into Federal Reserve Governor Lisa Cook over two mortgage transactions. Following the news, the U.S. Dollar Index dipped 0.15% in intraday trading.

In a letter dated August 15, Pulte alleged that Cook may have committed fraud by allegedly falsifying bank documents and property records to secure more favorable loan terms, potentially violating federal criminal statutes. He pointed to her 2021 home purchase in Ann Arbor, Michigan, where she signed a legal certification stating the property would be her primary residence for at least one year. However, just two weeks later, she applied for a second mortgage in Georgia — on another property — and made the same sworn declaration of primary residence.

Pulte argued that both claims cannot be legally true at the same time, suggesting a case of mortgage fraud, and cited four potential criminal charges under federal law.

As of this report, the Department of Justice has not commented on the letter or confirmed whether an investigation will be launched. Cook has not been formally charged with any wrongdoing.

Notably, during the July FOMC meeting, Cook voted to hold interest rates steady, a position that sharply contrasts with President Trump’s repeated demands for an immediate and aggressive rate cut.

Following the allegations, Trump publicly called for Cook to resign from the Fed, intensifying the political pressure.

Market analysts warn that the episode could reignite concerns about political interference in monetary policy, especially as the 2025 election cycle heats up. While the legal merits of the claim remain unproven, the timing and source of the allegations have raised questions about their broader political context.