Share this article!

A Phil Hall Op-Ed: Yesterday, Federal Housing Finance Agency (FHFA) Director Bill Pulte posted a message on his X page that he was soon to be the subject of spurious coverage from one of the nation’s most influential newspapers.

“The Washington Post, like the WSJ and New York Times, is working on their version of The Coordinated Hit Pieces,” he wrote. “They won’t tell me any of the supposed quotes or unnamed sources. Go figure. You don’t realize how fake the news is until it’s about you.”

Last week, the Wall Street Journal ran this article on Pulte, while the New York Times ran this article. The Journal’s coverage is somewhat friendlier to its subject than the Times piece, but neither can be considered as flattering. Both articles had no input from Pulte.

Personally, I wouldn’t mind interviewing Pulte, and I would even give him my questions in advance so he wouldn’t feel ambushed. In the event Pulte would like to do a Q&A with me, here are 10 questions I would love to ask him.

1. You have repeatedly stated that your primary goal is to make housing more affordable. But since you assumed office in March, home prices have continued to accelerate, and some data reports claim the median sales price is at record highs. Do you take any responsibility for the continued acceleration of home prices while running the FHFA?

2. One of your first acts as FHFA director was to appoint yourself as chairman of the board of directors at both Fannie Mae and Freddie Mac. However, there is no precedent for a federal official to assume executive leadership positions at companies regulated by his agency. Can you please explain how your chairmanship at Fannie Mae and Freddie Mac does not constitute a significant conflict of interest?

3. Last week, Fannie Mae announced the appointment of Barry Habib, a prominent commentator and advisor to the mortgage industry, to its board of directors. But one week prior to his appointment, Habib posted an online video where he echoed your criticism of Federal Reserve Chairman Jerome Powell. There has been some debate online that Habib’s appointment to the Fannie Mae board is a reward for his criticism of Powell – is that what happened or was the appointment’s timing merely a coincidence?

4. There have been media reports (culled from unnamed sources) that the White House has intentionally excluded you from the planning discussions related to the ending of the federal conservatorships of Fannie Mae and Freddie Mac. Can you please confirm or deny the accuracy of those reports?

5. In regard to the ending of the federal conservatorships, you told a Barron’s interview the following: “I think it’s likely that the companies will stay in conservatorship, but the president is actively looking at simultaneously potentially taking them public … that could mean, you know, a small amount, or pieces, or just ways to get additional liquidity.” What exactly are the administration’s goals on this matter?

6. There have been additional media reports (again, from unnamed sources) that your decision to allow Fannie Mae and Freddie Mac to use the VantageScore 4.0 credit scoring was made without any consultation with other members of the Trump administration. Can you confirm that this was a unilateral decision – and, if so, why was it not necessary to clear this action first with the Executive Branch?

7. You have made criminal referrals to the Department of Justice regarding alleged mortgage fraud committed by New York Attorney General Letitia James and California’s Sen. Adam Schiff, who are both prominent political enemies of President Trump. Obviously, there is no excuse for mortgage fraud and those who engage in such chicanery should be prosecuted. However, both of these cases involved mortgage paperwork filed years ago – and finding them would have required extensive research through files maintained in your agency’s archives. Were you instructed by the White House to review the mortgage records of James and Schiff, or was it your initiative to hunt for potential fraud charges against them?

8. In May, you mentioned in a television interview that North Korean and Chinese nationals were discovered working at Fannie Mae and Freddie Mac, stating, “I mean, what are the Chinese and the North Koreans doing in these companies?” To date, you never disclosed to the public how these nationals got into the enterprises, what they were doing, or if they created any data security problems. Would you please update the public on what occurred?

9. You have yet to make any public comment on the impact that institutional investors have made in shrinking affordable homeownership opportunities through their housing purchases. Do you support the Humans Over Private Equity (HOPE) for Homeownership Act, which is designed to drive down hedge fund ownership of single-family housing?

10. The last time that a non-Cabinet-level regulator generated as much media attention as you are enjoying was back in the 1930s when Joseph P. Kennedy served as President Roosevelt’s chief at the Securities and Exchange Commission and US Maritime Commission. It was no secret at the time that Kennedy was using his federal positions to build a platform for a potential presidential run. Would it be crass to ask if you are considering a campaign to succeed President Trump?

In fairness, I should state that Pulte is certainly the most entertaining FHFA director in the agency’s history. After all, you don’t get 3 million followers on X by being a bore!

Phil Hall is editor at Weekly Real Estate News. He can be reached at [email protected].

Photo courtesy of Friends of Bill Pulte Instagram page