Economy·Federal ReserveFed Governor Lisa Cook claimed 2nd residence as ‘vacation ,’ undercutting fraud claims used by Trump to fire herBy Lindsay WhitehurstBy Christopher RugaberBy The Associated PressBy Lindsay WhitehurstBy Christopher RugaberBy The Associated Press Lisa Cook during an open meeting of the Board of Governors at the Federal Reserve on June 25.Mark Schiefelbein—AP PhotoFederal Reserve Governor Lisa Cook referred to a condominium she purchased in June 2021 as a “vacation ” 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 perty 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 ance, she described the perty as a “second .” 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 perty and a 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 as a “primary residence” can result in better down payment and mortgage terms than if one of the s is classified as a vacation .
The descriptions of Cook’s perties were first reported by Reuters.
Fulton County tax records show Cook has never claimed a stead exemption on the condo, which allows someone who uses a perty as their primary residence to reduce their perty taxes, since buying it in 2021.
The White House did not immediately respond to a request for . Fortune Global Forum returns Oct. 26–27, 2025 in Riyadh.
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