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New Era at Fannie and Freddie: Pulte's Board Shake-Up
William Pulte, the newly minted head of the Federal Housing Finance Agency, has made a bold move to revamp the boards of Fannie Mae and Freddie Mac. In a swift and decisive action, he ousted 14 board members and welcomed seven new ones, including Christopher Stanley, a cybersecurity expert with ties to Elon Musk's ventures.
Stanley's appointment is notable, given his involvement in the Department of Government Efficiency and his $160,000 annual salary for serving on the board. Pulte's own background as a private equity founder, online philanthropist, and investor in X adds another layer to this development.
Meanwhile, HUD and Interior are pushing forward with an ambitious plan to build affordable housing on federal land. The proposal aims to cut through bureaucratic red tape and tap into the vast resources of the federal government. However, experts caution that local roadblocks, from labor shortages to zoning laws, may hinder progress.
As the nation grapples with a severe housing supply gap, some lawmakers are skeptical about the feasibility of this plan. Senator Brian Schatz acknowledges its potential but warns against oversimplifying the complex issue of housing policy.
In other news, HUD is facing criticism for planned cuts to grants and staff at the Fair Housing Act enforcement office. Democrats argue that these reductions will put "people's lives at risk" and undermine efforts to combat housing discrimination. Senator Elizabeth Warren and Representative Maxine Waters have joined forces with 108 Congressional Democrats to express their concerns.
The Consumer Finance Protection Bureau, meanwhile, continues to navigate a precarious landscape. Despite initial setbacks, the agency has secured unexpected support from lenders and favorable judicial rulings. A Maryland District Court judge recently ordered the reinstatement of probationary employees at the CFPB and other agencies, allowing some staff members to return to work on critical projects.
