While potential mortgage fraud is a serious offense, the use of a federal regulatory body to pursue a political appointee has been characterized as an even greater breach of public trust. A criminal referral for alleged mortgage fraud against Federal Reserve Governor Lisa Cook has ignited a firestorm,

Philadelphia Fed researchers in a 2023 report assessed the number of “fraudulent investors” in the mortgage market, which they defined as those who had more than one owner-occupied home purchase loan within four quarters after the first one was originated.

Federal Housing Finance Agency (FHFA) director William Pulte on Wednesday accused Federal Reserve Governor Lisa Cook, a Biden appointee, of mortgage fraud. President Trump then demanded her resignation. Where this goes is hard to know, but it’s an ...