The Federal Housing Finance Agency (FHFA) announced the firing of more than 100 Fannie Mae (OTCQB: FNMA), citing unspecified “unethical conduct.”
In a statement, FHFA Director and Fannie Mae Chairman Bill Pulte declared the firings have occurred since he was sworn into office.
“We fired over 100 employees from Fannie Mae who we caught engaging in unethical conduct, including facilitating fraud, against our great company,” said Pulte. “Anyone who commits fraud against Fannie Mae does so against the American people.”
Pulte did not identify the actions that led to the mass firings, nor did he state if this conduct was distinctive to specific departments within Fannie Mae. It is also unclear what, if any, role the Department of Government Efficiency played in identifying the alleged fraud.
“In President Trump’s housing market, there is no room for fraud, mortgage fraud, or any other deceitful act that can jeopardize the safety and soundness of the housing industry,” added Pulte.
Separately, Pulte took to X to report cost cutting to climate and DEI endeavors at Fannie Mae resulted in $6.4 million in savings while “Freddie Mac spent $9 million on DEI last year – we are eradicating it and returning the $9 million to better uses that actually make homes more affordable.”
That’s a good start; now if the rest of the “unscrupulous” employees can be ferreted out…the ones pushing appraisal waivers and unlicensed data collectors passing themselves off as appraisers going into peoples homes taking pictures of everything, who knows where those pictures end up…maybe DOGE will look into that too.
The gall of FNMA to separate the appraisal inspection process with unlicensed individuals is appalling. To have an appraiser sit in his/her office and put together an accurate appraisal report with the information the field inspector gets or doesn’t get is a total bastardization of the professionalism of good appraisers. I turned down that work and was insulted that they tried to pressure me to accept these new hybrid assignments. The guess work goes thru the roof when an appraiser can’t do the step by step process of investigation and completion of an appraisal. FNMA used to be the champion of the appraiser helping to keep lenders on notice for ethical behavior. Over the last 20 years they’ve become nearly our enemy.
Don’t think the direction will be more appraisals. I see many more waivers. Joseph you are barking up the wrong tree if you think for one second Trump team will support appraisers.
Keep cleaning house………..it needs it!!
Well Hell Yeah! No more property data collectors! No more appraisal Waivers Please!
You guys are fooled if you think for one second they are going to get rid of waivers and data collectors. Much more of that to come. Better be very careful what you are cheering!
Better yet. I vote for no more property taxes. 😊
Fannie Mae has been profitable for years. They are just making up stuff to destroy it and justify privatization, hence the lack of description of “fraud” and loose use of the word. Why are there no arrest if they are committing fraud with federal funds?
The whole DEI stuff is crap too. When I worked in corporate America all the minorities in higher positions were over qualified and under paid. Hence how new anchor Pete can gets a job from a 4star general ) but believe whatever narrative you need to feel good about yourself.
I have sent several desktops back to the AMC because these inspectors can’t measure and figure room counts. Cuba Casa is not the end to all for accurate measuring. There is some common sense that has to go into it. Put me back in the field where I belong and stop shorting my profession!
If Pulte was appointed to head up FNMA by Trump you can be certain that the idea is to completely do away with the agency.