Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Qone0 who wrote (1555133)	8/26/2025 3:41:57 PM
From: Broken_Clock	2 Recommendations Recommended By bjzimmy longz Read Replies (3) \| Respond to of 1577123

Odd...So you were OK with the political theater under Biden when 3 Fed governors got canned without "due process" but when Trump fires someone is a dog whistle? Talk about double standards! BTW, Cook said she would provide the DOJ written confimation she had done nothing wrong. Has that happened? Nope. Just hired a deep state Dem operative sleazebag attorney for more political theater because, well, she the first WOC to hold the post. "Update (1505ET): The Fed appears to stand by Governor Cook (for now) with a weaselly statement: “Lisa Cook has indicated through her personal attorney that she will promptly challenge this action in court and seek a judicial decision that would confirm her ability to continue” on the Board of the Federal Reserve System, the Fed says in a statement. *“As always, the Federal Reserve will abide by any court decision”* A statement that removes Powell from the fray for now... but we would expect a rapid response from Trump who earlier stated he was ready for a legal battle. “Oh sure, always,” Trump said at a Cabinet meeting at the White House on Tuesday. “She seems to have had an infraction,* and she can’t have an infraction — especially that infraction, because she’s in charge of, if you think about it, mortgages.”*

To: Qone0 who wrote (1555133)	8/26/2025 5:06:03 PM
From: Broken_Clock	1 Recommendation Recommended By longz Respond to of 1577123

No due process needed. The president can remove Cook 'for cause'. Blatant mortgage fraud by one of the folks charged with regulating banks is a felony and is "for cause". It's going to be hilarious to see Cook eat crow and try to reach a plea deal to stay out of the slammer. I'll bet she resigns. "The Federal Reserve on Tuesday said it would abide by any court decision on whether President Donald Trump has the legal authority to fire Board of Governors member Lisa Cook. The Fed, in a statement from a spokesperson, noted that “Cook has indicated through her personal attorney that she will promptly challenge this action in court and seek a judicial decision that would confirm her ability to continue to fulfill her responsibilities as a Senate-confirmed member of the Board of Governors of the Federal Reserve System.” The statement was the Fed’s first response to Trump’s announcement on Monday night that he was removing Cook as Fed governor because of allegations she committed mortgage fraud. The spokesperson did not explicitly criticize Trump for trying to remove Cook. But the statement pointedly noted that “Congress, through the Federal Reserve Act, directs that governors serve in long, fixed terms and may be removed by the president only ‘for cause.’ ” https://www.cnbc.com/2025/08/26/trump-fed-cook-respond-court.html ++ "Another Government Official Referred for Mortgage Fraud This week Bill Pulte, the head of the FHFA, which oversees Fannie Mae and Freddie Mac, referred another government official to the Dept. of Justice for possible mortgage fraud. The culprit this time is a sitting member of the Federal Reserve Boad of Governors. The seven members of this board are the people that vote to raise or lower interest rates. Lisa Cook was a contentious nomination to the board by President Biden. She was ultimately confirmed by a fractured senate in 2022. Critics believed her to be too partisan politically for the job. She’s an academic economist by trade. Cook was previously a professor of economics and international relations at Michigan State University If the allegations are true, the acts committed are pretty damning. It is alleged that within a 14-day period in 2021 Cook applied for and received mortgages on two separate properties – claiming both as owner-occupant primary residences. Ouch. According to Pulte, in 2021 Cook designated both a condominium in Atlanta and a home in Ann Arbor, Mich., as her primary residence when taking out loans. In the referral, Cook obtained a loan on the Michigan home on June 18, 2021, and certified that she would use it as her “principal residence” within 60 days and for a full year. Two weeks later, Ms. Cook purchased the Atlanta condo and affirmed that the property would be her principal residence. Here's a perspective you won't find in any other article – because none of the reporters work in the mortgage industry: If Cook was in contract to buy the Atlanta condo while applying for the loan on the Michigan property, she had to disclose to the Michigan lender she had additional debt coming. No lender I know would allow you to close on loan #1 without providing documentation from the lender of the terms of loan #2. And for the Atlanta loan #2, that lender would also need to see all the documentation of loan #1. If Cook didn’t disclose the other mortgage application to each financial institution, that is another fraudulent offense. What’s troubling for me is that it seems rather odd that neither financial institution did their due diligence in reviewing Cook’s application for credit. It seems like she was given special treatment. None of you could ever get away with what Cook is alleged to have done. Lenders can check a database to see if you have pending applications with other lenders. If other pending transactions are discovered, you will be required to provide documentation for that transaction. That’s the only way a lender can accurately assess your debt-to-income ratio. Pulte released a statement saying FHFA was tipped off to the possible fraud which triggered the investigation. Pulte went on to say that the documents they uncovered showed Cook signed the paperwork for both properties herself. These statements make for a much stronger case that other recent cases referred to the DOJ. As of Friday, President Trump issued a statement of his intention to fire Cook if she didn’t resign on her own. So far none of the other high-profile cases of mortgage fraud referred to the DOJ regarding US Senator Adam Schiff and New York Attorney General Letitia James have resulted in charges. We’ll just have to wait and see what happens with Fed Governor Lisa Cook. Regardless of one’s stature in life, those in power should never be allowed to get away with acts we’d be fined and thrown in jail for. The penalties for mortgage fraud are severe and can include prison sentences of up to 30 years, and fines of up to $1,000,000."