Bill Pulte

Quite simply, Bill Pulte is the nation’s most powerful housing policy regulator as head of the Federal Housing Finance Agency, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Company (Freddie Mac). He has held the former role since March, after President Donald Trump nominated him and the Senate signed off, and the latter roles since he himself took them on shortly after.

Altogether, Pulte — scion of an eponymous homebuilding empire and a former private equity executive — holds enormous sway over the financing market for housing construction and buying. Fannie Mae and Freddie Mac by themselves support nearly 70 percent of the overall mortgage market to the tune of backing nearly $7.7 trillion in loans, per Senate documents. Also, in 2023, the most recent year for figures, the two entities originated 42 percent of new mortgages for multifamily buildings, according to the Mortgage Bankers Association. That share has hovered around or above that mark for years. 

So, yes, Pulte’s role in the residential space is consequential. He knows it, too.  

In his short tenure the director has rescinded Biden administration rules such as the so-called Renters’ Bill of Rights and a requirement that Fannie and Freddie assess climate risk within their overall risk management. Speaking of that, Pulte has also directed the FHFA to consider cryptocurrency assets in underwriting guidelines for single-family mortgage risk assessments.  

These moves pale against Pulte’s push to privatize Fannie and Freddie. The entities have been in government conservatorship since the Global Financial Crisis 17 years ago. Privatization would theoretically unlock hundreds of billions of dollars for investment in much-needed housing, but it would also likely cause mortgage rates to spike.

“Fannie and Freddie shouldn’t be in conservatorship forever,” Pulte told CNN on the day of his Senate confirmation. “But it’s critical to ensure any discussion about exiting conservatorship needs not only to ensure safety and soundness but how it would affect mortgage rates.”

Pulte also reportedly veered outside his policy lanes to propel Trump administration goals such as the indictment of ex-FBI Director James Comey for alleged perjury and the investigation of Federal Reserve Governor Lisa Cook for alleged mortgage fraud.