Scott Bessent Made Contradictory Mortgage Pledges Like Fed Governor Lisa Cook: Report

Treasury Secretary Scott Bessent reportedly made a similar mortgage pledge as Federal Reserve Governor Lisa Cook, who was fired by President Donald Trump over what he termed as “potentially criminal conduct.”

According to a Bloomberg report citing Bessent’s mortgage applications with Bank of America Corp. (BAC), the Treasury Secretary agreed to occupy two different homes as his “primary residence” simultaneously, a pledge similar to the one made by Cook.

Bessent secured financing from Bank of America for the two houses and other assets, totaling $21 million, in 2007. The first one was for a seven-bedroom Georgian manor in Bedford Hills, New York, and the second one for a beachfront house in Provincetown, Massachusetts, according to the report.

It also noted that Bank of America had an “understanding and agreement that the Bedford and Provincetown properties were secondary residences.” Charles Rich, the lawyer who signed on Bessent’s behalf, added that the lender was “fully aware” of the situation.

This comes after President Donald Trump announced in August that he would fire Cook due to allegations of mortgage fraud. However, in a ruling on Monday, the appeals court blocked President Donald Trump’s attempt to fire Cook, stating that the latter’s claim of the lack of due process was “very likely meritorious.”

The Trump administration said it would appeal the decision.

Meanwhile, U.S. equities edged lower in Wednesday’s pre-market session. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was down 0.01%, while the Invesco QQQ Trust (QQQ) fell 0.02%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘bullish’ territory.

The iShares 7-10 Year Treasury Bond ETF (IEF) was up 0.12% at the time of writing.

Also See: Mortgage Refinancing Demand Sees A Sharp Increase As Interest Rates Drop: Report

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