The Fed's Mortgage Mystery: What's Really Going On?

Lisa Cook, a Federal Reserve Governor, is in the spotlight for some questionable mortgage moves. She's the first African American woman on the Fed Board, making her a trailblazer. But now, she's facing allegations that she might have played fast and loose with mortgage rules to score better deals. In 2021, Cook took out two mortgages. The first was for a home in Ann Arbor, Michigan. The second, just two weeks later, was for a property in Georgia. Both loans had a condition: she had to live in them as her primary residence for at least a year. But here's where things get shady. The Georgia property was later listed for rent, which raises questions. If it was meant to be an investment property, that could be a big no-no. The person who raised the alarm is Bill Pulte, a prominent Trump supporter. He suspects Cook might have fudged some documents to get better loan terms. He's pushing for the Attorney General to investigate. But so far, no charges have been filed, and it's unclear if the investigation will even proceed. This isn't the first time a Democrat has been caught in a mortgage mess. Sen. Adam Schiff and New York Attorney General Letitia James are also facing similar allegations. It's a messy situation, especially with Trump allies pressuring the Fed to cut interest rates and maybe even step down. Meanwhile, Cook was recently reappointed by Biden for a full term. But with this investigation looming, things could get complicated. And it's not just Cook; another Fed Governor, Adriana Kugler, just resigned. Trump is already making moves to change the direction of the central bank.