Federal housing finance regulator Bill Pulte accused Federal Reserve governor Lisa Cook of mortgage fraud and referred her for criminal prosecution.

Why it matters: It comes as the president seeks to clean house at the Fed and install governors more to his liking.

Driving the news: Pulte, chair of the Federal Housing Finance Agency, posted on X a letter to the attorney general stating that it appears Cook "has falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statutes." • She took out a mortgage on a house in Michigan represented to be her principal residence, and shortly thereafter a loan on a condominium in Atlanta that was also described as her principal residence, according to Pulte's letter.

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