DOJ investigating Fed's Cook over mortgage fraud

The Justice Department has launched a criminal investigation into Federal Reserve Governor Lisa Cook over whether she submitted fraudulent information on mortgage applications.

The probe comes on the heels of criminal referrals from Federal Housing Finance Agency Director Bill Pulte.

The Wall Street Journal was the first to report the investigation.

Mr. Pulte has accused Ms. Cook of misleading banks to get more favorable lending terms.

President Trump moved to fire Ms. Cook, a Biden appointee, but she has sued to keep her job, saying the president simply wants to shape the Fed board to his liking.