The U.S. Senate on Thursday confirmed Bill Pulte to serve as the new director of the Federal Housing Finance Agency (FHFA). Pulte succeeds Sandra Thompson, who led the agency under the Biden administration but left before the inauguration of Donald Trump.
Pulte was confirmed in a vote of 56-43, with one senator not voting, an indication of some support from Democrats. Despite more galvanized Democratic opposition to Trump appointees, the administration has been generally successful in getting its picks for the cabinet and agency leaders confirmed, even in particularly controversial cases.
But unlike some other selections who have had to flow through the Senate Banking Committee, Pulte earned a measure of bipartisan support when his nomination was forwarded to the full Senate. Two committee Democrats — Sens. Ruben Gallego of Arizona and Angela Alsobrooks of Maryland — crossed the aisle to advance his nomination in a vote of 15-9.
The committee’s other recent nominees — including Jonathan McKernan to lead the Consumer Financial Protection Bureau (CFPB) director and Scott Turner, the now-confirmed secretary of the U.S. Department of Housing and Urban Development (HUD) — did not receive the same consideration from Democrats.
Immediately after the confirmation vote, the Mortgage Bankers Association (MBA) released a statement to congratulate Pulte.
“MBA congratulates William Pulte on his confirmation to serve as the next FHFA Director and applauds Senate leadership for its swift action in scheduling his confirmation vote,” said Bob Broeksmit, the MBA’s president and CEO.
“Our members stand ready to work with Director Pulte and his team, Fannie Mae and Freddie Mac staff, the Federal Home Loan Banks, and other industry stakeholders to increase affordable and sustainable homeownership and rental housing opportunities for all Americans while ensuring a robust secondary mortgage market for single-family and multifamily lenders of all sizes and business models.”
During his Senate confirmation hearing, Pulte briefly addressed his outlook on removing the government-sponsored enterprises (GSEs) from conservatorship, saying that the process should not be rushed.
“While their conservatorship should not be indefinite, any exit from conservatorship must be carefully planned to ensure the safety and soundness of the housing market without upward pressure on mortgage rates,” he said.
The National Association of Realtors (NAR) also released a statement of congratulations.
“FHFA oversees a housing finance system that is uniquely American, but whose reform is long delayed,” said Shannon McGahn, NAR’s executive vice president and chief advocacy officer. “Fannie Mae and Freddie Mac, collectively the ‘GSEs’, are the backbone for middle-class homeownership and rentership. It is of the utmost importance that we take a measured and thoughtful approach to any GSE reforms.”
McGahn added that NAR is confident that Pulte “will help strengthen the housing finance system and support sustainable homeownership for all Americans. We look forward to working with him to ensure a stable, accessible, and thriving housing market for generations to come.”
