Core Insights - The report from the Philadelphia Federal Reserve assesses the prevalence of "fraudulent investors" in the mortgage market, defined as individuals holding multiple home purchase loans within four quarters after obtaining their first loan [1] - The data analyzed includes 584,499 loans issued between 2005 and 2017, with 22,431 identified as fraudulent loans [1] - Prior to the 2008 financial crisis, the proportion of loans claimed to be for primary residences to obtain better mortgage terms peaked, but has stabilized at around 2% to 3% for most of the following decade [1] Regulatory Context - In the summer of 2025, former President Trump and allies called for the resignation of Federal Reserve Governor Lisa Cook over allegations of primary residence fraud, which the Federal Reserve has found to be "widespread" across the U.S. [1] - Bill Pulte, Director of the Federal Housing Finance Agency, noted that Cook secured a mortgage on a property in Ann Arbor, Michigan, claiming it as her primary residence, only to obtain another mortgage shortly after on a property in Georgia [1]