Documents Show Federal Reserve Member Lisa Cook Listed Atlanta Property as Second Home, Contradicting Trump Mortgage Fraud Allegations

New financial documents appear to undermine the Trump administration’s mortgage fraud allegations against Federal Reserve Governor Lisa Cook, who is fighting the president’s unprecedented attempt to remove her from office just days before a crucial Federal Reserve meeting on interest rates.

Bank Records Show “Vacation Home” Designation

Documents obtained by NBC News reveal that Cook consistently described her Atlanta condominium as a “vacation home” rather than a primary residence on her mortgage application. A loan summary from the Bank-Fund Staff Federal Credit Union from May 2021 explicitly states “Property Use: Vacation Home,” directly contradicting the administration’s central allegation.

Additionally, Cook’s security clearance questionnaire submitted to the Biden administration in late 2021 lists the Atlanta property as a “2nd home” when asked to identify “additional homes, vacation homes, rental properties.” Public records from Fulton County, Georgia, show Cook never claimed homestead tax exemptions typically sought by primary residents, further supporting her consistent classification of the property as secondary.

Trump’s Historic Firing Attempt

President Trump announced in late August his intention to fire Cook “for cause,” marking the first time in Federal Reserve history that a president has attempted to remove a sitting board member. The action stems from allegations by Federal Housing Finance Agency Director Bill Pulte, who filed a criminal referral with the Justice Department claiming Cook falsified documents to obtain better mortgage terms.

Pulte accused Cook of simultaneously claiming both her Atlanta condo and Ann Arbor, Michigan home as primary residences to secure favorable loan conditions. However, the newly revealed documents suggest Cook maintained consistent descriptions of the Atlanta property as secondary housing throughout the application process.

Legal Battle and Market Implications

Cook responded by filing an unprecedented lawsuit to block her removal, securing a temporary injunction on Tuesday from District Judge Jia Cobb. The judge ruled that federal law does not permit the president to fire Fed governors for alleged conduct occurring before their Senate confirmation, as Cook’s property purchases preceded her 2022 confirmation.

The Trump administration has filed an emergency appeal requesting a decision by Monday—the day before the Federal Reserve’s crucial two-day meeting where officials are expected to consider a quarter-point interest rate cut. Cook’s legal team warned that removing her would “plunge the Fed’s meeting into turmoil” with “real potential of impacting domestic and foreign markets.”

Political Context and Fed Independence

The firing attempt occurs amid Trump’s broader campaign to reshape the Federal Reserve with officials more aligned with his preference for steep interest rate cuts. The central bank has resisted Trump’s pressure to lower rates due to concerns that his trade and fiscal policies could fuel inflation.

At next week’s meeting, Fed officials are widely expected to approve modest rate reductions after pausing cuts at the year’s beginning. However, any decrease would likely fall short of Trump’s preferences, intensifying his criticism of the central bank’s independence.

Criminal Investigation Continues

Despite the contradictory documentation, the Justice Department has opened an investigation based on Pulte’s criminal referral. The mortgage fraud allegations center on potential violations of federal laws governing loan applications, where misrepresenting property use can constitute criminal conduct.

Cook has repeatedly denied all wrongdoing, and administration officials have not provided definitive evidence supporting their claims beyond Pulte’s allegations. The Federal Housing Finance Agency and White House did not respond to requests for comment on the newly revealed documents.

Broader Fed Restructuring Efforts

Trump’s attempt to remove Cook represents part of his broader strategy to install loyalists throughout the Federal Reserve system. This week, Senate Republicans advanced the confirmation of Stephen Miran, one of Trump’s economic advisers, to fill a Fed vacancy created by Adriana Kugler’s recent departure.

The expedited confirmation timeline could enable Miran to participate in next week’s rate-setting meeting, potentially shifting the voting balance on future monetary policy decisions even if Cook retains her position.

Constitutional and Institutional Stakes

The case carries significant implications for Federal Reserve independence and the separation of executive and monetary policy. Fed governors serve 14-year terms specifically designed to insulate them from political pressure, with removal traditionally limited to clear misconduct rather than policy disagreements.

Legal experts note that allowing presidential removal of Fed officials based on unproven allegations could fundamentally alter the central bank’s independence, potentially undermining market confidence in monetary policy decisions.

The appeals court ruling, expected by Monday, will determine whether Cook participates in one of the most closely watched Federal Reserve meetings in recent memory, with global markets awaiting both the interest rate decision and resolution of this constitutional confrontation.