Treasury Secretary Scott Bessent previously agreed to simultaneously list two houses as his “primary residence,” Bloomberg reported Wednesday, after reviewing mortgage documents.
Bessent agreed to occupy properties in New York and Massachusetts, at the same time, as his main residences in 2007, according to the outlet.
It is the same conflicting move that President Donald Trump has used to try to oust Federal Reserve Governor Lisa Cook — as mortgage experts say that the contradictory pledges in home-loan filings don’t necessarily point to fraud.
The findings come as an appeals court ruled earlier this week that Cook can remain in her role on the central bank’s governing board, as Trump has moved to fire her since late August. His administration is expected to take the case to the Supreme Court in a last-minute bid.
Bill Pulte, the chief of the Federal Housing Finance Agency, first leveled accusations of mortgage fraud against Cook after she appeared to claim two homes as “primary residences” in July 2021. Cook has denied the allegations and has not been charged with any crime.
Bloomberg reported that Cook had once signed mortgage documents for a house in Michigan and a condo in Georgia, both as her primary residences. The agreements were filed under different credit unions and were conditions to receive loans. One document, which was obtained by the outlet, reveals that one lender for Cook’s Atlanta property did not expect her to live there full time, with a loan estimate referring to it as a “vacation home.”
The findings come as Trump announced last month in a letter, which he posted on his Truth Social platform, that he is ousting Cook — an unprecedented move that would mark the first time a president has removed a governor in the agency’s over century-old history. In the announcement, Trump cited the allegations of mortgage fraud.
Cook has maintained that she would not step down from her position.
“President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so,” Cook said in a statement. “I will not resign.”
Meanwhile, the Fed is kicking off its two-day meeting on Tuesday as it considers its next move on interest rates, as Trump has repeatedly bashed its chair, Jerome Powell, over his refusal to lower them. Senate Republicans on Monday have also confirmed economist Stephen Miran, who is Trump’s nominee, for an open spot on the board.
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