Fed Governor's Atlanta Home Listed as 'Vacation Property'

Background on the Loan Estimate and Mortgage Claims

A loan estimate for a home in Atlanta, purchased by Lisa Cook, a Federal Reserve governor accused of mortgage fraud, reveals that she classified the property as a “vacation home.” This information was found in a document reviewed by Reuters. The document, dated May 28, 2021, was issued to Cook by her credit union shortly before she finalized the purchase. It shows that she informed the lender that the Atlanta property would not be her primary residence.

This document appears to contradict other evidence cited by critics of Cook, who have claimed she committed mortgage fraud by reporting two different homes as her primary residence. Two independent real-estate experts said that the loan estimate could support Cook's defense against these allegations.

Reuters was unable to contact Cook for comment. She has consistently denied any wrongdoing regarding her properties, which also include a home in Ann Arbor, Michigan, and an investment property in Massachusetts.

Accusations and Federal Investigation

Administration officials, led by Bill Pulte, director of the Federal Housing Finance Agency (FHFA), have used mortgage documents from Cook’s Atlanta and Michigan properties to accuse her of falsely claiming both as her “primary residence.” These alleged false claims could potentially lead to more favorable mortgage and tax implications for a homeowner.

Pulte referred the matter to the Department of Justice, which prompted a federal investigation. As a result, President Donald Trump ordered Cook’s dismissal. However, Cook remains at the Federal Reserve and has filed a lawsuit to resist her removal.

Reuters was unable to determine whether Pulte or administration officials are aware of Cook’s Atlanta loan estimate. Spokespeople at the FHFA, the agency led by Pulte, did not respond to requests for comment.

Key Evidence in the Case

The documents cited by Pulte include standardized federal mortgage paperwork, which states that each loan obtained by Cook for the Atlanta and Michigan properties is intended for a “primary residence.” However, documentation reviewed by Reuters for the Atlanta home, filed with a court in Georgia’s Fulton County, clearly states that this stipulation exists “unless the Lender otherwise agrees in writing.”

The loan estimate, prepared by Washington-based Bank-Fund Staff Federal Credit Union, states “Property Use: Vacation Home.” According to two real-estate experts not involved in representing Cook, this document supports her case. It indicates that during the loan-application process, she told the lender she intended to use the property as a vacation home.

The lender, Bank-Fund Staff Federal Credit Union, did not respond to a request for comment.

Additional Supporting Evidence

Another point that could help Cook’s case is that she never requested a tax exemption for the Georgia home as a primary residence, according to property records and a Fulton County tax official.

A separate document reviewed by Reuters, related to a federal form completed by Cook as she obtained security clearance for her role at the Federal Reserve, shows that in December 2021 she declared the Atlanta property as a “2nd home.” Although unrelated to the mortgage, this declaration on a supplement to a U.S. government national security form known as SF-86 is consistent with the claim on her Atlanta loan summary.

Broader Implications and Political Context

Surrounding the accusations against Cook is a larger battle over Trump’s effort to exert more control over the Federal Reserve, the central bank of the United States. The Fed is an independent institution meant to be free of political interference. Trump has often criticized Fed governors for their reluctance to cut interest rates since he returned to the White House earlier this year.

Amid the controversy, the personal finances of other government officials and their families have also come under scrutiny by rival politicians, the media, and others.

Additional Controversy Involving Administration Officials

Last week, Reuters reported that Pulte’s own father and stepmother had declared two homes in two different states as their primary residence. This led to a town in Michigan removing a tax exemption for their home there and charging the couple for back taxes. Pulte and his parents did not respond to requests for comment about the matter.