Story perspectives

Mortgage Fraud Allegations Spark Justice Department Investigation

9/8/2025

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Summary

Story summary

William Pulte, head of the Federal Housing Finance Agency, accused Fed governor Lisa Cook of mortgage fraud.
The Justice Department has launched a criminal investigation based on Pulte's referral.
Cook's lawyers attribute discrepancies to clerical errors and deny wrongdoing.
Former officials find Pulte's actions unusual, as referrals usually come from the FHFA's inspector general.
Economists caution that politicizing the Fed may threaten its independence.

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Story summary

William Pulte, head of the Federal Housing Finance Agency, accused Fed governor Lisa Cook of mortgage fraud.
The Justice Department has launched a criminal investigation based on Pulte's referral.
Cook's lawyers attribute discrepancies to clerical errors and deny wrongdoing.
Former officials find Pulte's actions unusual, as referrals usually come from the FHFA's inspector general.
Economists caution that politicizing the Fed may threaten its independence.