A US Federal Reserve investigation has found widespread “owner-occupancy” mortgage fraud, with 22,000 cases reported. The alleged scam involves individuals claiming ownership of two or more homes within a short period. Federal Housing Finance Agency Director Bill Pulte is accused of being involved in the practice. An investigation by the Philadelphia Fed in 2023 identified “fraudulent investors” as those owning multiple owner-occupied home loans within four quarters. The Fed Governor, Lisa Cook, has come under pressure from President Donald Trump’s allies to resign over her alleged involvement in the scandal.
Source: https://www.bloomberg.com/news/articles/2025-08-20/fed-found-over-22-000-mortgages-like-those-pulte-is-now-flagging