FHFA Director Bill Pulte named head of Fannie Mae, Freddie Mac

Newly confirmed Federal Housing Finance Agency (FHFA) Director Bill Pulte has also been named chairman of Fannie Mae and Freddie Mac amid a board overhaul initiated by the FHFA. The change is part of a board overhaul resulting in the majority of the existing boards fired, several new additions named by Pulte, and overall smaller boards. The changes shrank the board’s size while adding Pulte and other presidential appointees.

This action aligns with the administration’s reported intent to remove Fannie Mae and Freddie Mac from government conservatorship, a status that put the FHFA in charge of the companies in 2008.

America’s Credit Unions President/CEO Jim Nussle shared the organization’s housing priorities in a letter to Pulte following his confirmation last week. Nussle specifically outlined concerns around Fannie and Freddie and the need for these enterprises to guarantee access to the secondary market for small lenders.

“As discussions about the future of government-sponsored enterprises (GSEs) and their potential release from conservatorship continue, it is essential that legislative guarantees of access to the secondary market for smaller lenders are enacted,” said Nussle. “Coordination with lawmakers is critical to ensuring that credit unions and other community-based lenders maintain the ability to sell loans on the secondary market, which provides necessary liquidity and supports their capacity to meet the housing needs of their members. Any reforms to the GSEs must prioritize equitable access and avoid creating barriers for smaller institutions.”

America’s Credit Unions is committed to ensuring that every community has access to safe, affordable, and sustainable housing. The organization will continue to work with the FHFA to ensure credit unions are a key component in solving the housing affordability crisis.