The Federal Reserve has found over 22,000 cases similar to the mortgage issue mentioned by Trump's "home management agency director" Pulte.

Researchers at the Federal Reserve Bank of Philadelphia evaluated the number of "fraudulent investors" in the mortgage market in a report in 2023, defining them as individuals who have multiple home purchase mortgages within four quarters after obtaining their first primary residence mortgage. The data for the paper covered 584,499 mortgages issued between 2005 and 2017, of which 22,431 were identified as fraudulent. Prior to the 2008 financial crisis, the proportion of loans claiming occupancy of homes to obtain more favorable mortgage terms peaked, but in the following decade, this proportion remained stable at around 2% to 3%.