Overview

• FHFA Director Bill Pulte posted documents alleging Lisa Cook misrepresented primary residences on 2021 mortgages and said he sent a criminal referral to the Justice Department.
• A DOJ attorney, Ed Martin, indicated the department would examine the allegations, and no criminal charges have been filed.
• Cook said she learned of the referral from media reports, is assembling documentation to answer questions, and has no intention of resigning.
• President Trump publicly said he would fire Cook if she does not step down and shared a graphic labeling Jerome Powell “Too Late” and marking Cook with a red X.
• Commentators warn that removing a governor without established wrongdoing would likely trigger a legal fight and could undermine central bank independence and market confidence.