BY TYLER DURDEN
THURSDAY, SEP 04, 2025 – 10:10 AM
The Department of Justice has opened a criminal investigation into Federal Reserve governor Lisa Cook – and has issued multiple subpoenas as part of the inquiry into whether she committed mortgage fraud, according to the Wall Street Journal, citing ‘officials familiar with the matter.’
(Drew Angerer/Getty Images)The probe – for which a grand jury has been assembled, will begin by looking at Cook’s properties in Ann Arbor, Michigan and Atlanta. It comes on the heels of two criminal investigations from Federal Housing Finance Agency director Bill Pulte, who has been dropping receipts for weeks with evidence that Cook committed fraud – including claiming two properties as her "primary residence" – as well as claiming that a rented out third property was her ‘second home’ – all things that would qualify her for better rates and tax treatment.
Pulte accused Cook of misleading banks on multiple mortgage applications to receive favorable lending terms, such as lower interest rates, typically given to a buyer who intends to occupy the home they purchase.
A judge is considering Cook’s request for an emergency order stopping her from being removed from the Fed board while the case proceeds. The Fed’s next meeting is set to begin Sept. 16. -WSJ
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