3 d. ago Fed governor Lisa Cook listed contested home as vacation property

Documents appear to contradict White House allegation that she committed mortgage fraud

Society

4 d. ago Debt linked to collapsed subprime auto lender Tricolor tumbles

Even highly rated pools of loans trade at distressed levels after group fell into bankruptcy

Politics

5 d. ago US DoJ probes fraud allegations at subprime car lender Tricolor

JPMorgan and Barclays were among banks exposed when the group collapsed into bankruptcy

Politics

6 d. ago Lisa Cook to remain at Federal Reserve while fighting Trump’s attempt to fire her, judge rules

Agency governor is legally challenging Trump after he sought to remove her, citing unconfirmed mortgage fraud allegationsA federal judge has ruled that Federal Reserve board member Lisa Cook can stay in her post while suing Donald Trump over his unprecedented bid to fire her.Cook is legally challenging the US president after he sought to remove her, citing unconfirmed allegations of mortgage fraud, amid an extraordinary campaign by his administration to strengthen its control over the US central bank. Continue reading...

Events

8 d. ago The ‘bizarre’ referral of the US housing finance agency chief to oust Lisa Cook

Former officials and experts say Bill Pulte’s request for inquiry into Fed governor’s alleged fraud is ‘unusual’The head of the Federal Housing Finance Agency embraced a highly unusual process to accuse Lisa Cook, a Federal Reserve governor, of committing mortgage fraud, former officials and experts have said. One former high-ranking official called the director’s involvement in a criminal referral “bizarre”.William Pulte, a businessman and major GOP donor whom Donald Trump appointed to head the powerful housing agency earlier this year, has accused Cook of committing mortgage fraud by misrepresenting her homes as a primary residence, potentially securing more favorable mortgage rates. The justice department formally opened a criminal investigation into whether Cook committed fraud and has issued subpoenas related to the transaction. Cook’s lawyers have called the discrepancies a “clerical error” and she has denied any wrongdoing. Continue reading...

Politics

1 week ago Justice Department probes mortgage fraud claims against Lisa Cook of Federal Reserve, AP source says

The Justice Department has issued subpoenas as part of an investigation into mortgage fraud allegations against Lisa Cook, who is fighting a Trump administration effort to remove her from her role as a Federal Reserve Governor

Society

2 w. ago Federal Reserve governor Lisa Cook to sue Trump administration over its attempt to fire her

Cook’s attorney said the president has ‘no authority’ and ‘lacks any factual or legal basis’ to fire the Fed governorThe Federal Reserve governor Lisa Cook will sue the Trump administration over its bid to fire her over unconfirmed allegations of mortgage fraud, her attorney has said.Donald Trump announced he was firing Cook on Monday night, in an extraordinary move that marks the latest escalation in the US president’s attack on the central bank’s independence. Continue reading...

Politics

2 w. ago Top Democrats fire back against Trump’s plan to remove Federal Reserve governor as Lisa Cook vows to not resign – live

Lisa Cook says ‘no cause exists under the law’ for Trump to remove her; president is accused of ‘cobbling together’ mortgage fraud allegations against herTrump moves to fire Fed governor Lisa CookLev Menand, a law professor at Columbia law school, said Donald Trump’s attempt to fire Federal Reserve chief Lisa Cook is a “procedurally invalid removal under the statute”.Menand, who authored a book about the Fed’s actions during the coronavirus pandemic, also said for-cause firings are typically related to misconduct while in office, rather than based on private misconduct from before an official’s appointment. Continue reading...

Politics

2 w. ago ‘No cause exists under the law’: Federal Reserve governor Lisa Cook responds to Trump’s move to fire her – live

Lisa Cook says she will not resign after Trump accused of ‘cobbling together’ mortgage fraud allegations against herTrump moves to fire Fed governor Lisa CookLev Menand, a law professor at Columbia law school, said Donald Trump’s attempt to fire Federal Reserve chief Lisa Cook is a “procedurally invalid removal under the statute”.Menand, who authored a book about the Fed’s actions during the coronavirus pandemic, also said for-cause firings are typically related to misconduct while in office, rather than based on private misconduct from before an official’s appointment. Continue reading...

Society

2 w. ago Trump moves to fire Fed governor Lisa Cook in escalating attack on bank’s independence

Departure of Cook, first Black woman to sit on central bank’s board, would allow US president to put forward a replacementDonald Trump has said he is firing the Federal Reserve governor, Lisa Cook, over allegations she committed mortgage fraud, in an extraordinary move that marks the latest escalation in the US president’s attack on the central bank’s independence.Trump wrote to Cook on Monday, telling her that he was removing her from her position “effective immediately”, based on the allegation from one of his allies that she had obtained a mortgage on a second home she incorrectly described as her primary residence. Continue reading...

Events

3 w. ago Trump says he is firing Federal Reserve governor Lisa Cook after alleging mortgage fraud

‘There is sufficient reason to believe you may have made false statements on one or more mortgage agreements,’ Trump wrote in a letter to Cook

Politics