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President Donald Trump has aimed to terminate Cook “for cause,” based on accusations that Cook listed both her condo and another property as her main residence.
WASHINGTON — Federal Reserve Governor Lisa Cook identified a condominium she acquired in June 2021 as a “vacation home” in a loan estimate. This description might weaken the Trump administration’s charges that she engaged in mortgage fraud.
President Trump has moved to remove Cook “for cause,” accusing her of declaring both the condo and a second property as her primary residences at the same time. This is part of his plan to change the Federal Reserve’s composition to facilitate a significant interest rate cut. Documents acquired by The Associated Press also reveal that in a second form for security clearance, Cook referred to the property as a “second home.”
Cook has initiated legal action against the Trump administration to prevent her dismissal. This marks the first instance a president has attempted to oust a member of the Fed’s seven-member board of governors. She achieved an injunction on Tuesday, permitting her to continue as a Fed governor.
The administration has challenged the ruling and sought an urgent decision by Monday, ahead of the Fed’s meeting to determine whether to lower its benchmark interest rate. Most economists anticipate a quarter-point reduction.
Bill Pulte, a Trump appointee at the agency overseeing mortgage firms Fannie Mae and Freddie Mac, accused Cook of separately asserting that both the Atlanta condo and a Michigan home bought in June 2021 were “primary residences.” Pulte has filed a criminal complaint with the Justice Department, which has begun 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.
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