The Justice Department has opened a criminal investigation into Federal Reserve governor Lisa Cook, who has been accused of submitting fraudulent information on mortgage applications.

Washington

The Justice Department has initiated a criminal investigation into Federal Reserve Governor Lisa Cook, focusing on allegations of mortgage fraud. According to reports, subpoenas have been issued as part of the inquiry into whether Cook submitted fraudulent information on mortgage applications, specifically regarding the listing of primary residences.

Lisa Cook has denied any wrongdoing in a recent court filing. A grand jury has reportedly been seated in Atlanta to review the case, and the next steps could include a formal indictment depending on the grand jury's decision. The outcome of an emergency court order may also determine whether Cook can remain in her position as the investigation proceeds.

Justice Department opens investigation into Fed Governor Lisa Cook

Hey, Carl. Good morning. So this is the Wall Street Journal reporting, citing U.S. officials familiar with the matter, saying that the Justice Department has now officially opened a criminal investigation into Lisa Cook and these allegations of mortgage fraud. The Journal is saying that the government has issued now subpoenas as part of an inquiry into whether she submitted fraudulent information on mortgage applications. So we knew that this was coming. This had been heavily signaled. But so far, these were sort of referrals from Bill Pulte to the Justice Department. The Justice hadn't formally, that we knew of, moved on them yet. Now there's a criminal investigation open. These subpoenas have been issued. There is no reporting in this article as to who has received subpoenas at this point, just the fact that they've been sent. The White House responded to me requesting comment on this, just referring me to the Justice Department. And we haven't yet heard back from DOJ on this. But remember, guys, these continue to be allegations of mortgage fraud against Lisa Cook. She did say in a court filing just this week she has not ever committed that mortgage fraud, but we are waiting for the judge to rule whether she can remain in her job as this case moves forward. Guys. Yep. I've heard the same thing from a senior administration official, that there's a grand jury seated in Atlanta and basically issuing subpoenas to the mortgage companies. And that's, you know, to get the information and the documents that the FHFA have put out there basically on this issue of listing your primary residence in multiple instances, which is the accusation here of mortgage fraud. I guess then, Megan, the next step would be what? It would become official if there's an indictment? I believe that would be the next step, right? If it's true that there is a grand jury already seated, then they would decide whether to move forward with the formal indictment. We would get further confirmation from the Justice Department as to what officially they're looking at and how they decide to proceed. It also depends what the judge decides in this emergency case that they're still weighing this week, that we could hear this emergency order stopping her from being removed. We could hear on that sometime this week, and that could impact things as well. They can move in parallel, but it does matter as to whether or not then she would continue to keep her seat, especially ahead of that September 16th next Fed meeting. Okay. Megan Kinsella, thank you very much.

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