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Year: 2026

Explained: How Lisa Cook’s three home loans became central to Trump’s fight over her Federal Reserve seat

Explained: How Lisa Cook’s three home loans became central to Trump’s fight over her Federal Reserve seat

Federal Reserve Governor Lisa Cook’s legal battle against President Donald Trump centered, in part, on a trio of mortgages she obtained before joining the nation’s central bank. The loans, tied to properties in Michigan, Georgia and Massachusetts, drew scrutiny regarding whether Cook misrepresented how the homes would be used — as primary residences or otherwise. Trump cited those allegations in his effort to boot her from the Federal Reserve Board of Governors, arguing they constituted cause for her removal. The Supreme Court ultimately ruled 5-4 that Cook can remain on as a Fed governor while her separate lawsuit challenging her firing proceeds. WHO IS LISA COOK? THE FED GOVERNOR AT THE CENTER OF TRUMP’S SUPREME COURT FIGHT Cook challenged Trump’s attempt to oust her in federal court, arguing that the move was unlawful and threatened the Federal Reserve‘s independence. Her lawsuit, filed Aug. 28, did not address allegations that she listed two homes as a primary residence on mortgage documents. The allegations originated with Bill Pulte, a Trump appointee who oversees the federal agency that regulates Fannie Mae and Freddie Mac. Pulte, who is now acting Director of National Intelligence, linked Cook to the trio of properties in referrals sent to the Justice Department, which later confirmed it had opened a criminal investigation into allegations of mortgage application fraud. The mortgages cited in the Justice Department probe were issued in 2021, before former President Joe Biden nominated Cook to the Federal Reserve Board. At issue were the preferential terms that come with primary-residence loans, which lenders typically view as lower risk than mortgages for vacation homes or rental properties. Cook disclosed all three mortgages in a financial filing with the U.S. Office of Government Ethics in June 2025, listing them alongside her income, retirement accounts and investments. JUSTICE DEPARTMENT OPENS CRIMINAL PROBE INTO FED’S LISA COOK The filing also showed that Cook earned more than $50,000 a year in rental income from her Cambridge, Massachusetts, condominium. Pulte alleged in his DOJ referral that Cook represented the Cambridge condominium as a second home rather than an investment property, despite reporting rental income from the unit. Cook bought the condo in 2002 when she was a professor at Harvard University. For this property, she obtained a 15-year loan for $361,000 at a rate of 2.5% in April 2021. Two months later, Cook secured a mortgage for a three-bedroom home in Ann Arbor, Michigan. The 15-year loan for $203,000 at a 2.87% rate through the University of Michigan Credit Union covered the 1,800-square-foot property. At the time, she taught economics and international relations at Michigan State University, roughly an hour’s drive away. She also obtained a $540,000, 30-year mortgage for a luxury condo above the Four Seasons Hotel in Atlanta, Georgia. The loan, issued by the Bank Fund Staff Federal Credit Union, carried a 3.25% interest rate. A RARE FILING IN THE LISA COOK–TRUMP CASE COULD SWAY SUPREME COURT JUSTICES In that loan agreement, Cook “affirmed that this property would serve as her primary residence within 60 days of the execution of the mortgage and would serve as her primary residence for a full year,” according to Pulte’s referral letter to the Justice Department. Cook has not publicly explained why both the Michigan and Georgia properties were designated as her primary residence. Her attorney, Abbe Lowell, denied the allegations in a Sept. 2 filing, writing that Cook “did not ever commit mortgage fraud.”

Wife of Louis Farrakhan dead at 90

Wife of Louis Farrakhan dead at 90

Khadijah Farrakhan, the wife of Nation of Islam leader Louis Farrakhan, died at the age of 90. The two had been married for 72 years. “The Honorable Minister Louis Farrakhan with deep sadness yet with profound gratitude to Allah informs you that his beloved wife of 72 years, the First Lady of the Nation of Islam, Mother Khadijah has returned to Allah (may Allah be pleased),” a Saturday statement by The Executive Council of the Nation of Islam from Student Minister Ishmael R. Muhammad said. WHAT IS THE NATION OF ISLAM? “We thank Allah for the precious life of a loving wife, mother, a faithful devoted follower of The Honorable Elijah Muhammad. Mother Khadijah will forever be cherished and remembered. May Allah give His unequaled comfort to the family as we mourn this tremendous loss and lift the family in our prayers and thoughts,” the statement continued. “Allah, there is no God but He, He gives life and to Him is our eventual return. Funeral (Janazah) services will be sent as soon as it’s available,” the statement concluded. Farrakhan, who survives his wife, is 93. WHO IS LOUIS FARRAKHAN? WHAT TO KNOW ABOUT THE CONTROVERSIAL NATION OF ISLAM LEADER Born Betsy Ross, Khadijah Farrakhan married her husband, then named Louis Walcott, in Boston on Sept. 12, 1953. DEM CANDIDATE CAUGHT ON CAMERA APPLAUDING NOTORIOUS ANTISEMITE’S VIOLENT RHETORIC: ‘YOU BREAK HIS NECK’ The couple had nine children — sons Louis Farrakhan Jr. and Joshua Farrakhan passed away in 2018 and 2023 respectively. The Associated Press contributed to this report .

Who is Lisa Cook? The central bank governor at the heart of the Supreme Court’s Trump-Fed showdown

Who is Lisa Cook? The central bank governor at the heart of the Supreme Court’s Trump-Fed showdown

Lisa Cook’s ascension to the Federal Reserve was historic from the start.  Appointed by former President Joe Biden in 2022, she became the first black woman to serve as a governor on the Fed board — a seven-member panel that sets national interest rates and oversees the banking system. Now, she stands at the center of another historic moment, as the Supreme Court ruled Monday against President Donald Trump’s effort to fire her, preserving long-standing protections around the central bank’s independence. TRUMP VS THE FEDERAL RESERVE: HOW THE CLASH REACHED UNCHARTED TERRITORY Cook’s legal fight traces back to late August, when Trump said he was firing her from the Federal Reserve Board of Governors, the seven-member body that helps set monetary policy and oversee the U.S. banking system. He alleged she misrepresented information tied to a trio of mortgages she obtained before joining the central bank. Cook has denied any wrongdoing and has not been charged with a crime. She sued Trump in federal court in Washington, D.C., to block her removal from the nation’s most powerful central bank. On Sept. 9, a district court judge barred Trump from firing her while the case proceeds, a decision later upheld by a federal appeals court. A RARE FILING IN THE LISA COOK–TRUMP CASE COULD SWAY SUPREME COURT JUSTICES Before joining the Fed board, the Oxford alumna and UC Berkeley-trained economist built a career in academia, including faculty roles at Harvard University and Michigan State University. A graduate of Spelman College, Cook has been described by American economist Barry Eichengreen as “part economist and historian,” with command of several languages, including French, Russian, Spanish and Wolof — a widely spoken language in Senegal. Cook has also held senior roles in government, serving as a senior economist on then-President Barack Obama’s Council of Economic Advisers from 2011 to 2012.  Before that, she served as a senior adviser on finance and development in the Treasury Department’s Office of International Affairs.  She joined the Fed board in May 2022 and was reappointed in September 2023 for a term that runs through January 2038.