Fed Governor Lisa Cook claimed 2nd residence as ‘vacation home,’ undercutting Trump fraud claims
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Monthly Digital Subscription
$1 per week for 24 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $4.00 plus GST every four weeks. After 24 weeks, price increases to the regular rate of $19.00 plus GST every four weeks. Offer available to new and qualified returning subscribers only. Cancel any time.
Monthly Digital Subscription
$4.75/week*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $19 plus GST every four weeks. Cancel any time.
To continue reading, please subscribe:
Add Winnipeg Free Press access to your Brandon Sun subscription for only
$1 for the first 4 weeks*
*$1 will be added to your next bill. After your 4 weeks access is complete your rate will increase by $0.00 a X percent off the regular rate.
Read unlimited articles for free today:
or
Already have an account? Log in here »
WASHINGTON (AP) — Federal Reserve Governor Lisa Cook referred to a condominium she purchased in June 2021 as a “vacation home” in a loan estimate, a characterization that could undermine claims by the Trump administration that she committed mortgage fraud.
President Donald Trump has sought to fire Cook “for cause,” relying on allegations that Cook claimed both the condo and another property as her primary residence simultaneously, as he looks to reshape the central bank to orchestrate a steep cut to interest rates. Documents obtained by The Associated Press also showed that on a second form submitted by Cook to gain a security clearance, she described the property as a “second home.”
Cook sued the Trump administration to block her firing, the first time a president has sought to remove a member of the seven-person board of governors. Cook secured an injunction Tuesday that allows her to remain as a Fed governor.
The administration has appealed the ruling and asked for an emergency ruling by Monday, just before the Fed is set to meet and decide whether to reduce its key interest rate. Most economists expect they will cut the rate by a quarter point.
Bill Pulte, a Trump appointee to the agency that regulates mortgage giants Fannie Mae and Freddie Mac, has accused Cook of signing separate documents in which she allegedly said that both the Atlanta property and a home in Ann Arbor, Michigan, also purchased in June 2021, were both “primary residences.” Pulte submitted a criminal referral to the Justice Department, which has opened an investigation.
Claiming a home as a “primary residence” can result in better down payment and mortgage terms than if one of the homes is classified as a vacation home.
The descriptions of Cook’s properties were first reported by Reuters.
Fulton County tax records show Cook has never claimed a homestead exemption on the condo, which allows someone who uses a property as their primary residence to reduce their property taxes, since buying it in 2021.
The White House did not immediately respond to a request for comment.
___
AP writer Jeff Amy in Atlanta contributed to this report.