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Federal Reserve Governor Cook Faces New Mortgage Fraud Charges Today
Summary: In breaking news, the Director of the Federal Housing Finance Agency, Pulte, has once again submitted another criminal charge to the Department of Justice regarding Federal Reserve Governor Cook's third property in Massachusetts. The charge alleges that Cook obtained a mortgage of $361,000 on an apartment in Massachusetts, claiming it as a second home. Eight ...
In breaking news, the Director of the Federal Housing Finance Agency, Pulte, has once again submitted another criminal charge to the Department of Justice regarding Federal Reserve Governor Cook's third property in Massachusetts. The charge alleges that Cook obtained a mortgage of $361,000 on an apartment in Massachusetts, claiming it as a second home. Eight months later, Cook claimed to have received rental income ranging from $15,000 to $50,000 and listed it as an investment property.
Cook may be involved in Reverse Occupancy Fraud, where borrowers purchase properties as investment properties but initially falsely claim them as primary or secondary residences to obtain lower mortgage rates or more lenient loan terms. Subsequently, borrowers may adjust the property's use by reporting rental income to meet the definition of an investment property.
The judge overseeing Cook's case at the Federal Reserve is scheduled to hold a hearing this Friday.
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Link: Federal Reserve Governor Cook Faces New Mortgage Fraud Charges Today [Copy]
