BlockBeats news, on August 29, the Director of the Federal Housing Finance Agency, Mark Calabria, today submitted another criminal charge against Federal Reserve Board Governor Cook regarding her third property in Massachusetts. The charge states that Cook's mortgage amount for a condominium in Massachusetts was $361,000, and Cook claimed that the property was a second home. Eight months later, Cook claimed she had received rental income of $15,000 to $50,000 and listed it as an investment property.
Cook may be involved in Reverse Occupancy Fraud, where borrowers purchase properties as investment properties but initially falsely claim them as primary residences or second homes to obtain lower loan rates or more lenient loan terms. Subsequently, borrowers may adjust the property's use by declaring rental income to qualify it as an investment property.
BlockBeats previously reported that the judge in the case related to Federal Reserve Board Governor Cook is scheduled to hold a hearing this Friday.
