Federal Reserve Governor Lisa Cook Faces Second Criminal Referral Over Alleged Mortgage Fraud

Federal Reserve Governor Lisa Cook is facing new allegations of mortgage fraud after a second criminal referral was filed against her this week.

Housing regulator Bill Pulte announced the referral, claiming Cook misrepresented details on multiple properties in Michigan, Georgia, and Massachusetts between 2021 and 2025.

According to Pulte, the most recent referral involves a condominium in Cambridge, Massachusetts.

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On April 7, 2021, Cook entered into a 15-year mortgage on the property, claiming it was her “second home.”

However, on December 1, 2021, she submitted an ethics form to the U.S. Government listing the same property as an “investment/rental property.”

“In subsequent filings from 2022 to 2025, Cook consistently listed this property as an investment/rental property, not a second home,” Pulte stated.

He added that listing the condominium as a second home at the time of the mortgage may have allowed Cook to secure more favorable loan terms and lower interest rates than would have been available for an investment property, which typically requires a higher down payment and carries higher rates due to risk.

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Pulte further alleged that Cook made similar misrepresentations regarding properties in Atlanta, Georgia, and Ann Arbor, Michigan.

In filings to the U.S. Government between 2022 and 2025, Cook reportedly listed her Atlanta property as her residence, though evidence suggests it was being rented out to tenants.

He also claimed that Cook declared her Ann Arbor home as her personal residence in a 2025 government filing, even though the property appeared to be operating as a rental.

“These inconsistencies appear Cook made additional, multiple false representations, including to the U.S. Government, regarding the status of her mortgages and properties,” Pulte said in a statement.

3 strikes and you’re out.

Today, U.S. Federal Housing sent a 2nd Criminal Referral in the matter of Lisa D. Cook, related to a mortgage on a 3rd property and alleged misrepresentations about her properties to the United States Government during her time as Governor of the… pic.twitter.com/TAH68Mia23

— Pulte (@pulte) August 29, 2025

The new referral follows Pulte’s first filing, which centered on Cook’s Atlanta condominium.

In that case, he alleged Cook committed mortgage fraud by claiming the Atlanta unit as her “primary residence” in loan documents just two weeks after she had designated her Ann Arbor property as her “primary residence.”

“We have obtained a document Lisa Cook submitted to the U.S. Government while serving as Federal Reserve Governor. In it, on February 28, 2023, she represents to the U.S. Government that the Atlanta property is her PERSONAL RESIDENCE,” Pulte said.

“However, Lisa Cook, as a then-sitting Fed Governor and six months earlier, on September 1, 2022, appears to have listed that same property for rent,” he added.

We have obtained a document Lisa Cook submitted to the U.S. Government while serving as Federal Reserve Governor. In it, on February 28, 2023, she represents to the U.S. Government that the Atlanta Property is her PERSONAL RESIDENCE.

However, Lisa Cook, as a then-sitting Fed… pic.twitter.com/clclhtag9O

— Pulte (@pulte) August 22, 2025

Court filings reviewed in connection with the case show that Cook admitted to producing incorrect documentation.

In one filing, she argued that any discrepancies were the result of clerical mistakes.

“Even if the President had been more careful in obscuring his real justification for targeting Governor Cook, the President’s concocted basis for removal—the unsubstantiated and unproven allegation that Governor Cook ‘potentially’ erred in filling out a mortgage form prior to her Senate confirmation—does not amount to ‘cause’ within the meaning of the FRA and is unsupported by caselaw,” Cook’s legal team wrote.

Despite her defense, Pulte maintains that the allegations indicate a pattern across multiple properties and years of filings.

He has called for further scrutiny into whether Cook deliberately misrepresented her property status to both lenders and the federal government.

The case remains under review as federal agencies assess the claims and the evidence collected through the referrals.