A recent examination of a loan estimate for a home purchased by Lisa Cook, a Federal Reserve governor accused of mortgage fraud by the Trump administration, reveals that she classified the Atlanta property as a “vacation home.” This revelation comes from a document reviewed by Reuters, dated May 28, 2021, which was provided to Cook by her credit union shortly before finalizing the purchase.
The file indicates that Cook informed the lender that the Atlanta residence would not serve as her primary dwelling, a detail that contradicts claims made by her critics who allege that she reported conflicting primary residences for two different homes. These assertions have been the basis for accusations of mortgage fraud, which have drawn the attention of federal officials including Bill Pulte, the director of the Federal Housing Finance Agency (FHFA).
According to Pulte, Cook’s mortgage documents reportedly show inconsistencies suggesting she claimed both her Atlanta and a Michigan property as her primary residence. Such claims could potentially benefit her in terms of mortgage and tax implications. This prompted Pulte to refer the matter to the Department of Justice, including an order from Donald Trump to consider her dismissal from the Federal Reserve.
Despite these accusations, Cook has consistently denied any wrongdoing regarding her properties, which also include a residence in Ann Arbor, Michigan, and an investment property in Massachusetts. She has even taken legal action against President Trump to challenge her potential dismissal.
The documents cited by Pulte consist of standard federal mortgage paperwork, which states that each loan taken by Cook for her properties is intended for a primary residence. However, the specific loan estimate for the Atlanta home notes the property was intended for use as a vacation home, unless otherwise agreed in writing by the lender. This aspect appears to bolster Cook’s defense, according to two real estate experts, as it indicates she had declared her intent to use the home differently during the loan application process.
The lender involved, the Bank-Fund Staff Federal Credit Union, did not respond to requests for comment on the matter. Furthermore, property records and statements from a Fulton County tax official show that Cook did not apply for a tax exemption on the Atlanta home as a primary residence, another point in her favor.
Additionally, a separate document associated with Cook’s security clearance for her Federal Reserve role shows that she also listed the Atlanta property as a “2nd home” in December 2021. This declaration aligns with the information found in her loan estimate.
These developments occur against the backdrop of a broader struggle for control over the Federal Reserve, a key institution within the U.S. financial system. President Trump has previously criticized Fed governors for their cautious approach to interest rates, further intensifying the scrutiny surrounding Cook and her financial dealings.
The situation has also sparked scrutiny of other government officials’ personal finances. Recently, it was reported that Pulte’s own family had declared two homes in different states as primary residences, leading to tax implications for one property. Despite these developments, neither Pulte nor his parents have responded to inquiries regarding their situation.
