A recently reviewed loan estimate for an Atlanta property purchased by Lisa Cook, a Federal Reserve governor facing allegations of mortgage fraud from the Trump administration, reveals that Cook identified the property as a “vacation home.” The document, dated May 28, 2021, indicates that Cook informed her credit union that the Atlanta residence would not serve as her primary residence. This detail seems to challenge the accusations from critics who claim Cook incorrectly listed two residences as her primary home.
Officials from the Trump administration, particularly Bill Pulte, the director of the Federal Housing Finance Agency (FHFA), have scrutinized the mortgage documents of both Cook’s Atlanta and Michigan properties. They allege that Cook’s contradictory claims about her primary residences could offer her advantages in mortgage-related matters and taxes. This situation led Pulte to refer the allegations to the Department of Justice, which initiated a federal investigation. In response, former President Trump sought to dismiss Cook from her position.
Cook has consistently denied any misconduct regarding her properties, which also include a residence in Ann Arbor, Michigan, and an investment property in Massachusetts. While efforts to reach Cook for comment were unsuccessful, real estate experts reviewing the loan estimate believe it reinforces her position. The Atlanta loan estimate specifically categorizes the property’s intended use as a vacation home during the application process, potentially undermining claims of mortgage fraud.
The FHFA, under Pulte’s leadership, highlighted standardized federal mortgage papers suggesting that Cook designated both properties as her primary residence. However, documentation filed in Fulton County, Georgia, clarifies that this stipulation applies “unless Lender otherwise agrees in writing,” a provision that may support Cook’s argument.
Additionally, property records show that Cook did not apply for a tax exemption indicating her Atlanta home as a primary residence. In another document tied to her security clearance for her Federal Reserve position, Cook labeled the Atlanta property as a “second home” in December 2021—consistent with her earlier assertions.
The accusations against Cook are set against a backdrop of ongoing tensions regarding Trump’s attempts to influence the Federal Reserve, an independently functioning institution that is traditionally insulated from political interference. Critics note that Trump has frequently expressed dissatisfaction with Fed governors for their hesitance to lower interest rates since his return to the White House.
In the midst of this controversy, other government officials and their families’ financial dealings have also drawn scrutiny. Recently, it was reported that Pulte’s own parents declared two different houses in separate states as their primary residence, resulting in a Michigan town rescinding a tax exemption for their home and imposing back taxes. Both Pulte and his parents have not responded to inquiries about this matter.
