From Newsgroup: alt.law-enforcement
Typical Democrat appointee to the Fed.
She felt she was above the law and requirements to
honestly answer mortgage questions.
Prosecute her!
The key "claiming residence status while obtaining mortgages
for two homes in Ann Arbor, Michigan, and Atlanta, Georgia."
from
https://www.foxbusiness.com/economy/trump-fired-fed-governor-lisa-cook-over-alleged-mortgage-fraud-what-did-she-do
Trump fired Fed Governor Lisa Cook over alleged mortgage fraud: What did
she do?
Cook plans to file suit to block her removal as administration submits criminal referral to Justice Department
By Eric Revell FOXBusiness
FHFA director will not be rCyintimidated by liberal mediarCO, vows
prosecution and investigations will continue
Federal Housing Finance Agency director Bill Pulte discusses the alleged mortgage fraud committed by Federal Reserve Governor Lisa Cook on
rCyMaking Money.rCO
Federal Reserve Governor Lisa Cook is facing allegations of mortgage
fraud leveled by a Trump administration official and is vowing to fight
back legally against President Donald Trump's effort to remove her.
Last week, Federal Housing Finance Agency Director Bill Pulte submitted
a criminal referral to the Justice Department accusing Cook of
improperly claiming residence status while obtaining mortgages for two
homes in Ann Arbor, Michigan, and Atlanta, Georgia. Cook hasn't been
charged with a crime, and it's unclear whether a DOJ investigation will
result in charges being filed.
"We see mortgage fraud throughout the United States, it happens all the
time, it's prosecuted all the time," Pulte said in an interview on FOX Business Network's "Making Money With Charles Payne" on Friday.
"In Ms. Cook's case, it appears from what we can tell, to be blatant
mortgage fraud. She claimed to be living in the state of Michigan, she
took out a loan. And then she went and took out another loan in Atlanta
and said that both of them were her primary residence. That's a big
no-no," Pulte said.
TRUMP REMOVES FEDERAL RESERVE GOVERNOR LISA COOK FROM OFFICE, CITING
FRAUD ALLEGATIONS
Lisa Cook becomes the first Black woman to serve as a governor on the
Federal Reserve Board
Fed Governor Lisa Cook, right, is facing allegations of mortgage fraud
raised by Trump administration housing official Bill Pulte. (Drew
Angerer / Getty Images)
"You can't do that in our mortgage market. You have to be able to
declare that it's a second home or investment property. You have to fill
out these applications correctly," he explained.
Lenders will typically offer more favorable terms when a property is designated as a primary residence, such as lower interest rates, smaller
down payments, higher loan-to-value ratios when borrowing against the property, and more lenient lending standards such as higher
debt-to-income ratios.
Mortgage fraud can be prosecuted under federal and state laws, with
penalties including prison sentences and large fines. Civil penalties
can include the lender calling in the loan due immediately, raising foreclosure risk, and the borrower could be banned from obtaining future loans.
placeholder
The referral comes amid the Trump administration's efforts to pressure
the Federal Reserve into cutting interest rates, which the president and
his allies want to occur in the hope it will boost the economy and lower
the cost of servicing the national debt.
The president moved to fire Cook on Monday, though it's unclear whether
he has the legal authority to do so as this is the first time a U.S.
president has attempted to remove a Fed governor. Under the laws enacted
by Congress that govern the central bank, Fed governors may only be
removed "for cause" which is generally understood to apply to
malfeasance or misconduct.
TRUMP THREATENS TO FIRE FED GOVERNOR COOK IF SHE DOESN'T RESIGN
Trump and Powell on a tour of the Fed building
President Trump has threatened to fire Fed Chair Jerome Powell, though
he has backed off those threats of late with Powell's chairmanship
ending in May 2026. (Kent Nishimura / Reuters)
Cook has indicated that she intends to file a lawsuit to block Trump's
attempt to fire her, which could leave the courts in the position of determining whether Pulte's referral is sufficient to remove Cook in the absence of actual criminal charges or a conviction.
A Federal Reserve spokesperson said in a statement on Tuesday that the
central bank "will continue to carry out its duties as established by
law," and it will abide by any court ruling on Cook's case.
FEDERAL RESERVE INDEPENDENCE AT RISK FROM TRUMP'S PRESSURE CAMPAIGN,
J.P. MORGAN WARNS
Left: William Pulte; Right: Jerome Powell
FHFA Director Bill Pulte previously posted an unsubstantiated rumor that
Fed Chair Jerome Powell was considering resigning amid the Trump admin's pressure campaign. (Tom Williams/CQ-Roll Call, Inc via Getty Images;
Andrew Harnik / Getty Images)
In a statement released Tuesday, Cook said that, "President Trump
purported to fire me 'for cause' when no cause exists under the law, and
he has no authority to do so. I will not resign. I will continue to
carry out my duties to help the American economy as I have been doing
since 2022."
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Following Pulte's referral last week, Cook said that she has "no
intention of being bullied to step down from my position because of some questions raised in a tweet," adding that she takes "questions about my financial history seriously as a member of the Federal Reserve" and will gather facts to answer legitimate questions on the topic.
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