The Trump administration has been going after political foes with accusations of mortgage fraud, to which a Fed governor, a US senator, and the attorney general of New York can attest. But an investigation by ProPublica finds that three members of President Trump's own Cabinet might be similarly accused. The issue revolves around those who claim more than one primary residence, which would typically get them a better interest rate on the second home. The outlet's examination of loan records and financial disclosure forms finds that Labor Secretary Lori Chavez-DeRemer, Transportation Secretary Sean Duffy, and the EPA's Lee Zeldin fall into this camp. All three deny wrongdoing, and the White House denounced the investigation as a "hit piece."
The story notes that this type of mortgage fraud is rarely prosecuted because so much gray area is involved: Sometimes it's an honest mistake, and sometimes mortgage agreements have byzantine clauses that provide wiggle room. Other times, it's not so innocent. "Few consumers understand this issue, and if there is someone at fault here, it is likely the loan officer who likely advised them to sign up for this loan that obviously wasn't for their primary residence," says real estate lawyer Doug Miller. "Loan officers who are competing for business will often quote lower rates in order to get a customer's business."
Regardless of any potential gray area, the story notes that one Trump official in particular, Bill Pulte, is making "black-and-white" threats: "Your second home is not your primary home," he has declared, warning that anyone who claims two such homes faces criminal investigation. Read the full story, which provides details on the Cabinet members' home purchases, as well as the allegations against Fed governor Lisa Cook.
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