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Sometimes, there’s political news that’s notable at face value, but just below the surface there’s an even more important story happening. Take this NBC News report, for example:

The director of the U.S. Federal Housing Finance Agency, William Pulte, a sharp critic of the Fed, alleged in a letter to Attorney General Pam Bondi that [Federal Reserve Governor Lisa Cook] ‘falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud.’ In the letter that Pulte called a ‘criminal referral,’ he said that his agency had obtained her mortgage documents and requested that the Justice Department review the matter.

Donald Trump, who is desperate to bring the Federal Reserve to heel, responded to the allegations with a four-word statement published to his social media platform: “Cook must resign, now!!!”.....

Pulte, the head of the Federal Housing Finance Agency, told CNBC this week that the criminal referrals were not politically motivated. Perhaps. But given everything we know about Pulte, there is some reason for skepticism. The Washington Post recently noted that the FHFA chief “has made a name for himself as a prominent Trump sidekick.” From the article:

Pulte, 37, has ramped up political infighting. ... He’s become a leading voice for ousting Federal Reserve Board Chair Jerome H. Powell, joining the president on a tour of the central bank and handing Trump a draft letter for Powell’s firing that — so far — remains unsent. He posts to social media constantly, like his boss in the Oval Office. ... Trump appears to be impressed. Last month, the president congratulated Pulte ‘on the outstanding job he is doing.’ In a post on Truth Social, he encouraged Pulte not to ‘LET THE RADICAL LEFT WEAKLINGS STOP YOU!’

All of which is to say, maybe we’re dealing with a story about a bunch of officials who’ve played fast and loose with their mortgage applications. Or maybe we’re dealing with a story about a federal bureaucracy being used in the service of a partisan vendetta.