[Federal Reserve Governor Cook Faces New Mortgage Fraud Allegation Today] BlockBeats News, August 29 – The Director of the U.S. Federal Housing Finance Agency, Sandra Thompson, has once again submitted a new criminal charge to the Department of Justice regarding Federal Reserve Governor Lisa Cook's third property in Massachusetts. The allegation states that Cook secured a mortgage loan of $361,000 for an apartment in Massachusetts, claiming the property as a second home. Eight months later, Cook declared rental income of $15,000 to $50,000 and reclassified the property as an investment property. Cook may be involved in a violation known as Reverse Occupancy Fraud, where borrowers purchase a property as an investment property but initially falsely claim it as owner-occupied or a second home to secure lower mortgage rates or more favorable loan terms. Borrowers may later adjust the property's classification by reporting rental income to meet the definition of an investment property. BlockBeats previously reported that a hearing for the case involving Federal Reserve Governor Cook is scheduled for this Friday.