U.S. President-Elect Donald Trump took to the social media platform Truth Social to announce the nomination of Bill Pulte as next Director of the Federal Housing Finance Agency (FHFA).
Pulte, a private equity executive, is the grandson of William Pulte, Founder and Chair of U.S. homebuilder PulteGroup. He is known for his philanthropic work via social media, using the social platform X, where he currently has three million followers.
The FHFA is an independent agency established by the Housing and Economic Recovery Act of 2008 (HERA), responsible for the supervision, regulation, and housing mission oversight of the Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System (which includes the 11 Federal Home Loan Banks and the Office of Finance).
“Bill needs no formal introduction to the Great Citizens of our Country, because they have seen, and many have experienced, his philanthropy firsthand,” said Trump in his post. “He believes in the incredible potential of our Nation, and will help us restore the American Dream FOR ALL.”
Current FHFA Director Sandra L. Thompson announced that she will retire on January 19, one day before Donald Trump’s inauguration as President of the United States. Had Thompson not announced her retirement, Trump would have had the authority to remove her as FHFA Director following his inauguration next Monday, thanks to a U.S. Supreme Court decision in the case of Collins v. Yellen that simplifies the process of removing the FHFA Director.
“Thank you Mr. President. You are the greatest President in history, and under your leadership, we will restore the American Dream FOR ALL!,” said Pulte in a posting on X after the nomination was announced.
A Legacy in U.S. Housing
Pulte, grandson of William Pulte, Founder and Chair of U.S. homebuilder PulteGroup, was a member of the Board of Directors of PulteGroup, residential home-construction company based in Atlanta. As of 2023, the company was the third-largest home-construction company in the nation based on the number of homes closed—having built nearly 800,000 homes.
In 2001, Pulte Homes was acquired Del E. Webb Construction Company, for $1.8 billion. In 2003, the company acquired Sivage-Thomas Homes, and in 2009, the company acquired Centex for $1.3 billion in stock. In August 2014, the company acquired the real-estate assets of Dominion Homes for $82 million. The company changed its name from Pulte Homes to PulteGroup in March 2010.
Since 2011, Pulte has served as CEO of Pulte Capital Partners LLC, an investment firm with no affiliation with PulteGroup, focused on investing in housing supply, building products, and related service companies. Pulte also served as CEO and Chair of Carstin Brands LLC, a residential countertop manufacturer, and as a Director of Olon Group, a manufacturer for the cabinet industry. Prior to its sale in May 2016, Pulte built Southern Air & Heat LLC into one of the leading residential heating and air conditioning platforms in the nation. Pulte is a graduate of Northwestern University.
“MBA congratulates Bill Pulte on being nominated to serve as the next FHFA Director,” said Bob Broeksmit, CMB, President and CEO of the Mortgage Bankers Association (MBA). “We look forward to working with him and the FHFA staff on policies and programs that boost housing supply and create affordable opportunities for our nation’s homebuyers and renters, while protecting taxpayers and ensuring a robust secondary mortgage market and Federal Home Loan Bank system for single-family and multifamily lenders.”
FHFA’s Goals Under the Trump Administration
It is believed that the Trump administration will make ending the conservatorship of Fannie Mae and Freddie Mac by the FHFA a priority once his term officially begins next week. Established by Congress in 1938 and 1970, respectively, Fannie Mae and Freddie Mac exist to expand the secondary mortgage market and promote homeownership by providing access to financing.
“The conservatorship of Fannie Mae and Freddie Mac (GSEs) was never intended to be permanent,” added Broeksmit. “MBA stands ready to work with the Administration and Congress to ensure that the transition to a post-conservatorship era for the GSEs is done the right way, including the critical step that Congress approves an explicit federal backstop for the GSEs’ mortgage-backed securities, to prevent severe market disruptions.”
