What Is the Mortgage Fraud Lisa Cook Is Accused Of?: QuickTake

President Donald Trump has called on Federal Reserve Governor Lisa Cook to resign amid a claim by a top administration official that she may have engaged in so-called mortgage occupancy fraud by falsely labeling a secondary home as her primary residence to get better loan terms. Cook hasn’t been charged with any crimes, but the allegation put a spotlight on what experts say is a relatively common type of financial misconduct.

The accusation, made by Federal Housing Finance Agency Director Bill Pulte, a staunch Trump ally, mirrored allegations of mortgage fraud previously made against two other high-profile Democrats who ...