Latest news with #FHFA
Vox
11 hours ago
- Business
- Vox
The Trump administration attack dog you should pay attention to
is a senior politics correspondent at Vox, covering the White House, elections, and political scandals and investigations. He's worked at Vox since the site's launch in 2014, and before that, he worked as a research assistant at the New Yorker's Washington, DC, bureau. Bill Pulte is the director of the Federal Housing Finance Agency, tasked with overseeing Fannie Mae and Freddie Mac. Ricky Carioti/The Washington Post via Getty The Trump administration's loudest attack dog of late holds an unlikely position: director of the Federal Housing Finance Agency. The FHFA's 37-year old director, Bill Pulte, has been pounding the drums to get Federal Reserve chair Jerome Powell fired. He's publicly pressured Powell on social media, he gave Trump a draft letter that would have ordered Powell's firing, and he's tried to establish a pretext Trump could use to fire Powell. But Pulte has also played a broader role in Trump's retribution campaign. He's used his position to try and get two of Trump's Democratic enemies — Sen. Adam Schiff (D-CA) and New York Attorney General Letitia James — prosecuted for mortgage fraud. Some of his allies hope this is just the start, and that even bigger things lie in Pulte's future. 'Bill Pulte would be an exceptional pick to run the Federal Reserve,' venture capitalist Chamath Palihapitiya posted on X last week. 'Attack dog' is an unusual role for the director of the FHFA, who is charged with overseeing Fannie Mae and Freddie Mac — the government-backed companies crucial to the functioning of US mortgage markets. (Vox requested comment from Pulte through the FHFA for this story, but received no response.) The Logoff The email you need to stay informed about Trump — without letting the news take over your life. Email (required) Sign Up By submitting your email, you agree to our Terms and Privacy Notice . This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. But it's a good fit for Pulte. The grandson of the founder of a major home-building company, Pulte has demonstrated a remarkable knack for getting attention and building his public profile. He has 3 million followers on X, and his posts there have started to move markets, according to Bloomberg. Pulte has his enemies in the administration; the Wall Street Journal recently reported his anti-Powell campaign has 'irritated' some senior officials. One person is quite happy with him, though. After that Journal story was published, Trump posted that Pulte was doing an 'outstanding job,' and added: 'KEEP MOVING FORWARD, WILLIAM, DON'T LET THE RADICAL LEFT WEAKLINGS STOP YOU!' Who is Bill Pulte, and how did he get millions of social media followers? Housing is the Pulte family business. Pulte's grandfather, also named Bill, founded what eventually became one of the largest home-building companies in the US, PulteGroup. The younger Bill was barely done with college when, in 2011, he founded a Michigan-based private equity fund focused on the housing industry. The board included such local luminaries such as Rick DeVos (son of future Secretary of Education Betsy DeVos) and Scott Romney (brother of Mitt Romney). Grandpa Pulte died in 2018. The following year, then-31-year-old Bill got his first taste of national fame by going viral for giving people money. Pulte gave or offered to give sometimes hundreds of dollars, sometimes thousands or even tens of thousands, and he posted on Twitter about it. He called this 'Twitter Philanthropy.' (He insisted he was not giving away his inheritance money, but rather money he'd independently made.) Some of the giveaways were for people posting stories about why they needed help, others were purely random — but the common thread was that, if you wanted a shot at the cash, you needed to follow or retweet him on Twitter. (Following him was necessary so he could send you a direct message if you won, he explained.) In July 2019, Pulte said he'd give $30,000 to 'a veteran on Twitter' if President Trump retweeted him, and the president did so. All this proved highly successful at increasing Pulte's Twitter following, which rose from the low tens of thousands to 2 million in early 2020. But his relationship with the company his grandfather founded deteriorated. He lost his seat on PulteGroup's board of directors, after the board unanimously voted not to renominate him. The meme stock saga and online feuding With the novelty of Twitter Philanthropy worn off, Pulte found a new focus for his self-promotion: the meme stock craze. Pulte particularly cultivated the beleaguered Bed Bath & Beyond investors, many of whom hoped this wealthy and successful philanthropist would somehow find a way to get them back the money they'd lost. In January 2024, Pulte released a statement saying the 'Pulte family' would purchase Bed Bath & Beyond bonds so they could 'demand answers' for wiped-out retail shareholders. The Pulte Family Charitable Foundation, which he is not involved with, wanted to be excluded from this narrative, and released a statement distancing themselves from him. Pulte fired back with an X post calling his aunt, Nancy Pulte Rickard, who heads the foundation, 'a fake representative of the Pulte Family.' He added that his aunt 'is angry she wasn't in my grandpa's will when I, the namesake, was in the will.' As it became clear that there would be no miraculous recovery for $BBBY shareholders, Pulte amassed his share of dedicated online haters, who mocked him as 'Ploot' and chronicled what they saw as his strange behavior on subreddits like /r/GME_meltdown. These haters would soon watch agog as Pulte, who they viewed as a 'fraud and weirdo,' suddenly scored a powerful position in the federal government. This, one Redditor wrote, was 'an absolutely wild plot twist.' Pulte and the Federal Housing Finance Agency Through all this time, Pulte's public persona hadn't been particularly political. But he figured out a good way to gain entry into Trumpworld — by, again, giving people money. He gave $500,000 to a pro-Trump Super PAC in 2022. He'd also donated to Turning Point USA, the young conservatives' group co-founded by Charlie Kirk. (Kirk is a close ally of Donald Trump Jr.) After Trump won in November 2024, the New York Post floated Pulte as a potential Housing and Urban Development secretary, quoting a 'source' calling him 'probably overqualified' and stressing those past donations to vouch for his loyalty to Trumpworld. Trump nominated him for FHFA director instead, and before his confirmation hearings, he deleted tens of thousands of his old tweets, to Senate Democrats' annoyance. Shortly after he was confirmed in March, Pulte posted on X: 'You didn't really think I'd stop tweeting did you'. The FHFA job is a consequential one. Fannie Mae and Freddie Mac were placed under government conservatorship during the 2008 financial crisis, but the Trump team is now planning to reprivatize them. It is unclear how involved Pulte is in these discussions (one report claimed he'd been 'largely cut out'). Pulte has, however, been quite quick to use his position to go after Trump's enemies — specifically, James, the New York attorney general, and Sen. Schiff, who have for years been leading figures in Democrat-led investigations of Trump. Pulte took public credit for the Schiff investigation, posting on X: 'Fannie Mae's Financial Crimes Division concluded that Mr. Schiff has engaged in a sustained pattern of possible Mortgage Fraud.' A confidential Fannie Mae memo alleging misconduct by Schiff — a memo addressed to Pulte — was provided to the Washington Post earlier this month. Both Schiff and James have denied any wrongdoing and said they are being targeted politically, and it remains to be seen whether DOJ will charge them. Federal prosecutors pursuing complex corruption cases against public officials have long found the mortgage fraud statute to be a useful tool — it's relatively easy to prove, and it carries a steep, 30-year maximum sentence. (According to David Simon, federal prosecutors in Baltimore called it the 'Head Shot.') But it's not yet clear whether they have enough to make and sustain either case. With Powell having earned Trump's ire for his reluctance to lower interest rates, Pulte started going after him, too. For the past two months, he's been publicly criticizing the Fed chair and urging him to resign. Since the law only permits Trump to fire Powell 'for cause' — meaning 'inefficiency, neglect of duty, or malfeasance in office' — Pulte has been laying the groundwork for that. He's been arguing that the expensive renovation of the Fed's headquarters is a 'scandal' that merits Powell's firing for misconduct. 'I remain optimistic Jerome Powell will do the right thing, and as early as next week,' Pulte posted Friday on X. Could Trump be considering replacing Powell with Pulte himself? So far, National Economic Council director Kevin Hassett is said to be the frontrunner. And a Pulte nomination may not be received kindly by the Senate or the markets. But maybe Pulte can post his way into the job. After all, social media has gotten him this far.
Fox News
2 days ago
- Business
- Fox News
Could Senator Adam Schiff really go to jail over alleged mortgage fraud?
Federal Housing Finance Agency (FHFA) Director William Pulte sent a criminal referral to Attorney General Pam Bondi in May alleging that California Democrat Sen. Adam Schiff "has, in multiple instances, falsified bank documents and property records to acquire more favorable loan terms, impacting payments from 2003-2019 for a Potomac, Maryland-based property." What is the gist of the complaint? That Schiff, while representing a California district in the House of Representatives, falsely listed his posh Maryland home as his primary residence in order to get more favorable loan terms when, in truth and in fact, his California condo, which he designated as his primary residence in order to qualify for a California homeowner's tax exemption, was his real primary residence. Even worse, according to the referral, Schiff claimed his Burbank condo as his primary/principal residence in California tax filings during the same years he listed his Maryland home as his primary/principal residence on loan applications to finance that home. Schiff's response to the criminal referral and to subsequent Truth Social posts by President Donald Trump was one we often see in white collar cases. Per the senator's office, "the lenders who provided the mortgages for both homes were well aware of then-Representative Schiff's Congressional service and of his intended year-round use of both homes, neither of which were vacation homes." That's not much of a denial, senator. The question is whether you lied on these forms or not. Were your answers accurate or not, and if they were inaccurate, were the answers a mistake or intentional? The devil is always in the details in white-collar cases like this. Which representatives of which particular lenders "were well aware" that Schiff intended to use both homes year-round, and why does that matter? The issue is whether Schiff intentionally lied on federal or state forms to gain a financial advantage. If he falsely listed his Maryland home as his primary residence in order to get a lower interest rate, that matters too. (After all, similar alleged falsehoods by Donald Trump were used by New York Attorney General Letitia James to go after Trump in her massive New York state civil action.) Did Schiff lie on California tax forms to gain an exemption he was not entitled to, and, if so, does it implicate any federal criminal statutes? This is what inquiring minds want to know, and we just don't have enough information at this stage to know all the answers. Based on what we do know, how likely is it that Schiff will be indicted for violating one of several federal bank fraud statutes that potentially cover his conduct? Not very likely. Here are several reasons why: The devil is always in the details in white-collar cases like this. Which representatives of which particular lenders "were well aware" that Schiff intended to use both homes year-round, and why does that matter? This leaves open the possibility of a state of California prosecution for filing false tax returns. Would you care to place any bets on that happening? The bottom line is this: Schiff's alleged conduct may be sleazy and his explanation shifty, but a criminal charge at the federal or state level does not seem to be in the offing.
Business Insider
4 days ago
- Business
- Business Insider
Democrats are probing Trump's housing chief over a plan to allow crypto to count as an asset in mortgage lending
A group of Democratic senators announced a probe of the Federal Housing Finance Agency head's plan to push Fannie Mae and Freddie Mac to count crypto as an asset when assessing mortgage risk. In June, FHFA director William Pulte announced a plan that would allow Fannie Mae and Freddie Mac to count cryptocurrency as an asset in mortgage lending assessments for single-family homes. While many Republican officials responded positively to the proposal, Democratic senators, led by Jeff Merkley, are initiating a probe into Pulte's plan. The group also includes Elizabeth Warren, Bernie Sanders, Chris Van Hollen, and Mazie K. Hirono. Risks for home buyers In a letter to the FHFA chief, the senators requested further information regarding the plan. They noted the high volatility of crypto and cited statements from consumer advocates who have expressed concern about tying the "lightly regulated and highly volatile investment asset" to the housing market, noting its importance to the broader economy. "The 2008 crisis proved that lax financial practices around risky investments can blow up the housing market—and hardworking families in Oregon and across the country paid the price. Crypto poses serious risks to the stability of the housing market. This is a risk we must address," Sen. Merkley said. The letter also references a report from Fannie Mae at the end of 2024 in which it listed crypto, private coins, and stablecoins as collateral as the "least appealing application" for blockchain technology. They take aim at a part of Pulte's proposal that says crypto can be considered as an asset without converting it to dollars. "Expanding underwriting criteria to include the consideration of unconverted cryptocurrency assets could pose risks to the stability of the housing market and the financial system," the letter said. The senators also highlight potential risk regarding crypto liquidity, referencing a report from the Corporate Finance Institute that describes the market as "far from being as large and liquid as other financial markets that professional investors would normally participate in." They also flag the high volatility in crypto as an issue they're concerned about. "To the extent that historical volatility and liquidity persists even as the market matures, a borrower using crypto faces an increased risk that they may not be able to exit a crypto position and convert to cash at a price that would allow them to buffer against risk of mortgage default." Potential conflicts of interest The letter also includes concerns regarding conflicts of interest among Trump and other administration officials with ties to the crypto market. The senators said such conflicts could "unduly influence their proposals" when it comes to further policies. "You are the current Chair of each Board, and you have stacked the Boards with members who represent FHFA personnel and your industry allies," the letter said, addressing Pulte directly.
See - Sada Elbalad
5 days ago
- Business
- See - Sada Elbalad
Trump Softens Tone Toward Powell During Fed HQ Visit, Renews Push for Rate Cuts
Taarek Refaat In a rare and closely watched appearance at the U.S. Federal Reserve's Washington headquarters, President Donald Trump publicly downplayed tensions with Fed Chair Jerome Powell, while using the occasion to renew his long-standing call for significant interest rate cuts. The visit, centered around a tour of the Fed's multi-billion-dollar renovation project, featured a mix of sharp policy messaging and unexpected levity. Trump jokingly suggested he might fire a project manager over cost overruns, but then quickly clarified that his remarks were not personal, patting Powell on the arm and insisting: 'I just want to see the project finished.' Trump and Powell, both wearing white hard hats, led reporters through the construction site of the Fed's iconic Eccles Building. The tour turned momentarily tense when Trump cited a $3.1 billion price tag for the renovations, a figure Powell swiftly contested, stating it included a separate building completed years earlier. Trump handed Powell a printed sheet showing the cost estimate, but Powell shook his head and explained the figure was misleading. When asked what he would do if a manager in his own company ran a project over budget, Trump replied bluntly: 'I'd fire him.' Still, the president dismissed suggestions of conflict, telling reporters: 'There's no tension with Chairman Powell,' and adding that the issue at hand wasn't serious enough to warrant his dismissal. Though Trump has publicly criticized Powell for over a year, and reportedly considered removing him in 2024, he softened his tone on Thursday. When pressed, Trump said he does not believe Powell should be fired and emphasized that his top priority was rate relief. 'I'd like to see interest rates go down. What more can I say?' Trump quipped, adding: 'I'm not putting this in a category of firing. I just want something very simple to happen: Rates should come down.' Due to the Fed's communications blackout ahead of its July 30 policy meeting, Powell did not comment on monetary policy during the visit. While previous Trump attacks on Powell were delivered on social media or in closed-door meetings, Thursday's appearance marked a notable public escalation — and one of the few times a sitting U.S. president has walked the halls of the Fed to directly express dissatisfaction. The visit comes amid growing Republican criticism of the Fed's $2.5 billion renovation, which Trump allies have portrayed as extravagant and mismanaged. The president was accompanied by a number of key aides and Powell critics, including Budget Director Russ Vought, Deputy Chief of Staff James Blair, and FHFA Director Bill Pulte, who has called on Powell to resign and accused the Fed of misleading Congress. Blair posted on X (formerly Twitter) earlier Thursday that the cost of the renovation now 'exceeds Versailles — adjusted for inflation.' Fed officials have defended the construction, which includes the rehabilitation of the Eccles Building (built in 1937) and a second historic structure nearby. They say cost increases are largely tied to post-9/11 security requirements, including blast-resistant windows, as well as labor shortages and inflation in construction materials. Earlier in the day, Fed staff gave journalists a behind-the-scenes look at the active site, where 700–800 workers are engaged in round-the-clock shifts. Officials acknowledged past missteps, such as a canceled plan for rooftop seating, but said changes like increasing elevator height were safety-driven. The total cost has grown from $1.9 billion to $2.5 billion since 2020. 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Fox News
7 days ago
- Business
- Fox News
Federal Housing Finance Agency director pledges to ‘get to the bottom' of Fed's renovation plan
Director of the Federal Housing Finance Agency Bill Pulte shares his concerns about the Federal Reserve's $2.5 billion renovation plan on 'The Ingraham Angle.'
