Trump calls for Fed Governor Lisa Cook to resign amid mortgage fraud allegations

Trump took to Truth Social to reference reports of the allegations, writing, “Cook must resign, now!!!”

The pressure comes after Federal Housing Finance Agency Director Bill Pulte urged Attorney General Pam Bondi to investigate Cook, per Bloomberg. Last week, Pulte sent a letter to Bondi and Justice Department official Ed Martin suggesting Cook may have “falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.”

Pulte pointed to a mortgage Cook took out in June 2021 to buy a property in Ann Arbor, Michigan, under the terms of which she was required to make it her primary residence for at least a year. Two weeks later, she obtained another mortgage in Georgia, also declaring that property as her primary residence. The Georgia home was later listed as a rental, Pulte noted.

In his letter, Pulte said Cook “appears to have acquired mortgages that do not meet certain lending requirements and could have received favorable loan terms under fraudulent circumstances.” he cited four criminal statutes for Bondi to investigate.

“She needs to explain herself, but it’s all there in black and white,” Pulte said in a CNBC interview on Wednesday. I think she needs to resign quickly.”

Cook, a Biden appointee, faces growing calls to step down. If she were to resign, Trump would have the opportunity to fill her seat on the Fed’s board, which would shift the balance to a majority of Republican appointees.

The calls for Cook’s resignation come as Trump has been pressing the Federal Reserve to lower interest rates, which remain high after hikes in recent years aimed at curbing inflation. Additionally, the Senate Banking Committee is preparing to consider Trump nominee Stephen Miran, head of the Council of Economic Advisors, to fill the vacancy left by former Fed Governor Adriana Kugler.