Mortgage Fraud Apparently Rampant in Democrat Circles
by Brent E, Zepke, Esq.
On August 25, 2025, Ms. Lisa Cook was informed by letter that she had been removed, a gentle word for fired, from her position on the Board of Governors of the Federal Reserve, effective immediately.
The letter from President Trump read, in part:
“The Federal Reserve Act provides that you may be removed, at my discretion, for cause. See 12 USC 242. I have determined that there is sufficient cause to remove you from your position.
“As set forth in the Criminal Referral dated August 15, 2025, from Mr. William J. Pulte, Director of the Federal Housing Finance Agency ….there is sufficient reason to believe you may have made false statements on one or more mortgage agreements.”
Mortgage Agreements
Fannie Mae’s Uniform Residual Loan Application, Form 1003, is the application form generally relied upon by lenders for the purchase of real property.
Section 4 (a) requires the applicant to check the box that:
the property is to be used as the applicants “primary residence,” or
the box indicating it will be used as the applicant’s “secondary residence,” or
the box indicating it will be used as an “investment property.”
Section 5 (a) requires the applicant to indicate if he/she will occupy the property as their primary residence.
Q. Why is being a primary residence important?
A. Primary residences are offered better terms and lower interest rates than other properties.
Section 6, “Acknowledgement and Agreement,” is meant to discourage borrowers from falsifying their responses to Sections 4 and 5.
Section 6 (1) provides that the information is complete and accurate, and if there are any intentional or negligent misrepresentations the applicant can be subject to:
(a) civil penalties and/or
(b) criminal penalties (18 USC 1001 et seq.).
Notice applicants violate the law even if their “falsities” were not intentional.
Applicants certify to the accuracy of their Form 1003 by signing it.
A person can only claim one primary residence.
Ms. Lisa Cook, who holds a Ph.D. in economics from the University of California, Berkeley, was appointed by President Joe Biden as the first African American woman to serve as a Governor of the Federal Reserve for a 14-year term expiring in 2038.
Mr. Pulse’s referral included that Ms. Cook, in June 2021, on her application for a 15-year mortgage in Ann Arbor, Michigan, received more favorable terms on her loan and a lower interest rate by declaring it was her “primary residence.”
Two weeks later, on July 2, 2021, Ms. Cook declared on her application for a 30-year mortgage for a property in Atlanta, Georgia, that it would be her “primary residence.”
On May 23, 2022, she became a Governor for the Federal Reserve.
In September 2022, records indicate that Governor Cook listed the Atlanta property for rent although her federal financial disclosures for calendar years 2022 and 2023 indicate no rental income for this property.
On February 28, 2023, while serving as Federal Reserve Governor, she represented to the U.S. Government that the Atlanta property was her “personal residence.”
Based upon the findings of the Federal Housing Finance Agency, President Trump’s letter to Ms. Cook included:
“The Federal Reserve has tremendous responsibility for setting interest rates and regulating reserve and member banks. …In light of your deceitful and potentially criminal conduct in a financial matter, they (the American people) cannot, and I do not have such confidence in your integrity.”
Other Allegations of Mortgage Fraud
Adam Schiff, after graduating from Harvard Law School, starting on January 3, 2001, represented California in the U.S. House of Representatives.
Article I, Section 2 of the U.S. Constitution requires, in part, that a U.S. Representative must “be a resident of the state they intend to represent.”
In 2003, while a Representative from California, Mr. Schiff certified on his mortgage application that his primary residence was in Potomac, Maryland.
In 2009 when he refinanced, he reaffirmed his residency in Maryland.
In 2009, when purchasing a condo in Burbank, California, he certified it as his primary residence and claimed a homeowner tax exemption although his purchased was notarized by a Maryland notary and returned to his Maryland “residence.”
In 2011 and 2012 he reaffirmed his residency when refinancing his Maryland house.
On December 8, 2024, he began representing California in the U.S. Senate.
The Constitution provides that a senator must “be a resident of the state they intend to represent.”
A referral has been made to the DOJ to determine if Mr. Schiff committed mortgage fraud.
Letitia James graduated from the College of Law of Howard University.
In 2001 Ms. James certified that a rental property in Brooklyn only had four units, while it actually had five units. The FHA has indicated with five units she might not have qualified for a mortgage. It is also alleged that she listed her father as her spouse.
On January 1, 2019, she became the Attorney General of New York where she is the top law enforcement officer for the state of New York, which requires that the person be “ a resident of New York for at least five years.”
In 2023 Ms. James, certified on a mortgage application that a property in Virginia would be her “principal residence” in order to receive more favorable loan terms.
A Special prosecutor has been appointed to determine if Ms. James committed mortgage fraud.
Conclusion
Ms. Cook is a well educated economist who, as a Governor of the Federal Reserve, helps set monetary policy for the United States.
Mr. Schiff is an attorney who is a member of the Senate Intelligence Committee.
Ms. James is an attorney who serves as the Attorney General of New York State. All three of these well educated professionals occupy positions of responsibility in which the President and the public have a right to require integrity.
No one is above the law.
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No one is above the law unless they are a Democrat. In which case the media will ignore it and all democratic mine numbed robots will excuse it and put a check next to anything that has a D after it.
There seems to be no such thing as integrity anymore. It doesn’t count because in their eyes, they are defeating “evil“, so anything goes.
No one is, or should be, above the law. Yet time and again, Democrats like Adam "Shifty" Schiff act as if accountability only applies to “We the People” and never to them.
Take Shifty Schiff, for example. While sitting in Congress and later running for Senate, he played fast and loose with his own mortgage filings, listing Maryland as his “primary residence” while representing California, a direct violation of both law and trust. He’s made a career out of lecturing Americans about “integrity” and “truth,” yet his own record is riddled with questionable conduct that would have sunk any ordinary citizen.
Lisa Cook, Letitia James, and Adam Schiff all highlight the same double standard: powerful Democrats who swore oaths to uphold the law instead bent it for personal advantage. Ordinary Americans would face stiff penalties, even prison, for mortgage fraud. But these political elites expect a pass because of their titles, degrees, or political connections.
President Trump’s removal of Lisa Cook is a reminder that integrity matters, especially in positions of immense responsibility. The Constitution requires honesty from our representatives, and the American people have every right to demand it.
No one is above the law. Schiff, James, Cook, or anyone else, justice must apply equally.