Last month, President Donald Trump fired Federal Reserve Governor Lisa Cook after allegations that she committed mortgage fraud, and now the situation has become much more serious for the embattled former Fed worker.

According to the Daily Mail, U.S. Attorney General Pam Bondi has formally launched a criminal probe into Cook, even going as far as issuing subpoenas as a part of the investigation after recently receiving criminal referrals.

Cook had essentially refused to leave her post after Trump fired her and even went as far as filing a lawsuit against the Trump administration in a legal bid to keep her job.

According to the outlet, the "DOJ's focus is centered on Cook's properties in Michigan and Georgia. Officials told the outlet they are utilizing grand juries as part of the criminal probe."

What's going on?

It was last month that Federal Housing Finance Bill Pulte sent the criminal referral regarding Cook's alleged mortgage fraud, generating major headlines as Trump has already been at war with the Federal Reserve.

Trump actually used Pulte's allegations as a way to fire Cook from her post, though she immediately refused to leave, taking legal action instead.

Now, experts believe that the formal DOJ investigation could hamper her legal fight to keep her job, especially if a grand jury hands down an indictment.

The Daily Mail noted:

According to the Wall Street Journal, the DOJ's focus is centered on Cook's properties in Michigan and Georgia. Officials told the outlet they are utilizing grand juries as part of the criminal probe.

Cook's lawyers argued that Trump fired her as an effort to exert increased control over the Federal Reserve board, though the Trump administration claims it has every right to terminate Cook.

If Trump can formally have Cook removed, he'll be able to have a majority of appointees on the Fed, which he noted earlier this week.

"We’ll have a majority very shortly," Trump said last week. "So that’ll be great."

High hopes

Trump elaborated on his intention to shift the economy in the direction he wants when he has more control over the Fed, with the goal of it lowering interest rates.

"Once we have a majority, housing is going to swing, and it’s going to be great," Trump added.

"People are paying too high an interest rate. That’s the only problem with us. We have to get the rates down a little bit."