President Trump seeks removal of Fed Governor Lisa Cook amid mortgage-use documents dated 2021

President Donald Trump moved to remove Federal Reserve Governor Lisa Cook after records show she described an Atlanta condominium as a “vacation home” or “second home” on loan and nomination documents in 2021, and the administration alleges that inconsistency amounts to mortgage fraud.

A May 2021 loan estimate prepared by Cook’s lender labels the Atlanta property’s “property use” as “vacation home,” and a December 2021 form submitted with Cook’s Fed nomination lists the same property as a “second home” under a question about vacation or additional properties, according to documents obtained by The Washington Post and first reported by Reuters.

The White House alleges Cook committed mortgage fraud by calling more than one of her homes a primary residence at times, a practice that can affect mortgage rates. FHFA Director Bill Pulte has argued that Cook may have received a lower rate because the lender treated the condo as a primary home. Cook’s financial disclosures show she has a loan on the Atlanta property with a 3.25 percent interest rate, slightly higher than prevailing primary-residence rates when the mortgage was taken.

Cook has sued to block her removal, calling the effort “unprecedented and illegal,” and has not admitted wrongdoing. The Justice Department has opened an investigation but has not filed charges. A federal judge temporarily enjoined the administration’s attempt to remove her, ruling the firing was likely illegal; the Justice Department has appealed and asked for expedited review before next week’s Fed board meeting.

Cook also owns properties in Ann Arbor, Michigan, and Cambridge, Massachusetts; the recently disclosed documents do not address those homes.

The dispute centers on the standards for removing Federal Reserve officials and has drawn attention because of implications for the Fed’s independence. The White House maintains that presidents have broad authority to remove officials “for cause” and says judicial review should avoid intruding on the president’s constitutional control over executive-branch leadership.