The conservative editorial page of the Wall Street Journal is not a fan of the Trump administration's latest effort to change the makeup of the Federal Reserve. On Wednesday, the head of President Trump's housing regulatory agency accused Lisa Cook, one of the central bank's governors, of mortgage fraud. Bill Pulte, who leads the Federal Housing Finance Agency, says Cook listed two different properties as her principal residence, even though one was an investment rental. Now, he and President Trump are demanding her resignation. "This is nasty business," write the Journal editors:
- "The FHFA director says he's doing his job by investigating potential mortgage fraud, and that nobody is above the law. That's fair as far it goes, but blasting weighty allegations via social media or leaks is an ugly way for government regulators to behave."
The editors add that "misstating information on mortgage applications doesn't appear to be uncommon," and it deserves a wider government investigation if, as Pulte asserts, it is "pervasive." But using the issue as a political cudgel isn't the way to go, they write. (The DOJ has launched similar investigations into two prominent Democrats, Sen. Adam Schiff and New York Attorney General Letitia James, notes CNBC.) "One reason we opposed the Biden prosecutions of Mr. Trump is because political lawfare tends to boomerang, and here we are," reads the editorial. "Weaponizing the housing regulator won't build confidence in America's institutions or markets." More from the WSJ piece here.
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