Pulte, Director of the U.S. Federal Housing Finance Agency, has filed criminal charges against Federal Reserve Board Member Cook for alleged property fraud in Massachusetts. The charge concerns a third property in the state. According to the Department of Justice, Cook secured a $361,000 mortgage for an apartment, claiming it as his second home. Eight months later, he reported rental income ranging from $15,000 to $50,000, reclassifying it as an investment property. The charges stem from Cook’s alleged involvement in reverse occupancy fraud, where a borrower misrepresents the purpose of a property purchase to secure favorable loan terms, often by initially claiming it as a primary residence before converting to an investment after securing the mortgage. A hearing for Cook’s case is scheduled for this Friday.