Federal Reserve Board member Lisa Cook is suing the Trump administration for wrongful termination.

Trump fired Cook based on findings by the Federal Housing Finance Agency that she lied on her mortgage applications when she claimed that two homes she bought just two weeks apart would both be her principal residency.

We don’t know whether Trump has the right to remove Cook – that’s for the courts to decide – but what shocks us about this story is that so many liberals insist Cook did nothing wrong.

One of them is Senator Elizabeth Warren, the self-righteous loudmouth who made a name for herself in the aftermath of the 2008 mortgage meltdown by attacking the fraudsters in the mortgage industry who helped send the U.S. economy into a mini-depression.

Now, suddenly mortgage fraud is no big deal when it’s her political allies who commit it.  She has taken to the airwaves ardently defending Cook and treating her like a victim. Paul Krugman likened her potential fraud to a grade school student “violating hall pass privileges.”  Cook’s latest defense is she committed a mere “clerical error.”

Yes. Sure it was.

Sorry. Lying on a mortgage application – if she did – is a serious crime and warrants her removal from the Fed. Period.

Just to refresh everyone’s memory, these headlines from the Federal Reserve Bank of Philadelphia explain the origins of the housing crisis:

Here is how a famous study in The Review of Financial Studies summarized the housing collapse:

This paper examines apparent fraud among securitized nonagency loans using three indicators: unreported second liens, owner occupancy misreporting, and appraisal overstatements. We find that around 48% of loans exhibited at least one indicator of misrepresentation. Surprisingly, misreporting is similar in both low and full documentation loans and is associated with a 51% higher likelihood of delinquency

Now, imagine for a moment that Ms. Cook were a conservative nominee to serve on the Fed Board of Governors.  Senator Warren and her squad would be bloviating on every TV channel every night about putting a mortgage cheat in charge of the housing market. But they have no problem with one staying on the board.

Hypocritical?