President Donald Trump took to Truth Social with all the subtlety of a bullhorn, demanding Federal Reserve Governor Lisa Cook resign “now!!!”
This outburst followed a spicy letter from William Pulte, the U.S. Federal Housing Finance Agency director, who’s apparently moonlighting as a mortgage detective. Pulte claims Cook played fast and loose with property records to snag better loan terms, prompting chuckles and raised eyebrows across the financial world.
Pulte, who seems to have a knack for sniffing out paperwork shenanigans, sent a “criminal referral” to Attorney General Pam Bondi, alleging Cook falsified documents for homes in Ann Arbor, Michigan, and Atlanta, Georgia.
His letter, which sounds like it was written with the drama of a courtroom thriller, suggests Cook claimed both properties as her primary residence—talk about a real estate plot twist! The Justice Department, probably sipping coffee and wondering what’s next, hasn’t commented yet.
Now, Pulte’s no stranger to stirring the pot. He’s been tweeting up a storm, urging Fed Chair Jerome Powell to either slash interest rates or pack his bags. On CNBC, he insisted his beef with Cook isn’t personal, saying, “Whether you’re a Fed governor or Joe Blow, mortgage fraud’s a no-go.”
Cook, a trailblazer as the first Black woman on the Fed’s board, has been quietly making history since her 2022 appointment by President Joe Biden.
Before joining the central bank, she was a respected economics professor at Michigan State University, with degrees from Spelman College and Oxford University to boot. Her term runs until 2038, so she’s not exactly packing her office yet.
The Federal Reserve, true to form, stayed mum on Trump’s social media salvo. Meanwhile, Pulte’s letter is part of a broader campaign to spotlight mortgage missteps by Democratic figures, including California Senator Adam Schiff and New York Attorney General Letitia James. It’s like a political soap opera, but with more paperwork and fewer confessions.
Pulte’s crusade doesn’t stop at Cook. He’s been vocal about the Fed’s pricey headquarters renovation, which he probably thinks costs more than a small country’s GDP. His social media rants suggest Powell’s either in on the mortgage mayhem or blissfully unaware—Pulte’s betting on the latter.
The Trump administration’s been itching to nudge the Fed into cutting interest rates, hoping to juice the economy. Cook, with her permanent vote on the rate-setting committee, is a key player in that drama. But Powell, who can’t fire governors, might just be shrugging at the chaos.
Web searches reveal this isn’t Pulte’s first rodeo. He’s made similar fraud allegations against Schiff and James, turning his FHFA role into a one-man investigative unit. Some wonder if he’s got a dartboard with Democratic names pinned to it.
Cook’s financial disclosures from 2021 show three mortgages, including a 15-year loan at 2.5% and two others at 3.25% and 2.875%. Mortgage Bankers Association data pegs the 2021 average for 30-year loans between 2.9% and 3.3%, so Cook’s rates don’t scream “scandal” just yet. Still, Pulte’s convinced there’s a smoking gun in those documents.
The Justice Department, reportedly taking this seriously, might dig into Cook’s paperwork. But proving criminal intent is trickier than finding a parking spot in downtown D.C. A source told Reuters that mortgage companies often know when a home isn’t truly a primary residence, making fraud claims a tough sell.
Trump’s been on a tear against the Fed, frustrated by its refusal to lower rates amid his tariff plans, which economists worry could spike prices. He’s even floated firing Cook, though the Wall Street Journal notes he’d need a solid reason—and “I saw it on Truth Social” probably won’t cut it. The Fed’s independence remains a thorny issue for the president.
Pulte’s letter, posted on X for maximum fanfare, includes a rental listing for Cook’s Georgia property, hinting she misrepresented her plans. No charges have been filed, and Cook hasn’t responded publicly, leaving everyone guessing her next move. The internet’s abuzz with speculation, but facts are scarcer than a quiet day in Washington.
This kerfuffle lands as the Fed gears up for its Jackson Hole symposium, where policymakers will ponder rates while dodging political curveballs. Powell’s set to speak Friday, likely ignoring the mortgage melodrama. The central bank’s focus remains on inflation and jobs, not Truth Social tirades.
Cook’s supporters point to her groundbreaking work in economics, from researching racial disparities to mentoring underrepresented students. Her Senate confirmation was a nail-biter, with Vice President Kamala Harris breaking a 50-50 tie. Resigning now seems as likely as Trump deleting his social media account.
Pulte’s allegations, while juicy, face scrutiny for their timing and target. Critics on X suggest he’s playing political hitman, though he insists he’d chase fraudsters
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