In a series of posts to his account on social media platform X, Federal Housing Finance Agency (FHFA) Director Bill Pulte published housing orders that terminate special purpose credit programs (SPCPs) and rescinds a 2024 advisory bulletin detailing the agency’s enforcement against unfair or deceptive acts or practices (UDAP).
Pulte did not include separate comments with each of these orders and directives, but Republican politicians and officials have routinely targeted standards or regulatory requirements they believe are “onerous” and ultimately serve to drive up costs for consumers.
Pulte also ordered the rescission of an advisory bulletin requiring the GSEs to each establish a “climate-related risk management framework into its existing enterprise risk management program.”
In addition, among the policy documents are a recission of multifamily lease policies directing the enterprises to require borrowers to meet “certain minimum standards for rental payment flexibility and lease notices;” and an order terminating Fannie Mae’s “repair all” strategy on its inventory of real-estate owned (REO) property.
Pulte has previously commented on his philosophy leading FHFA as one that will include a focus on fulfilling a day one executive order from President Donald Trump directing the government to lower housing costs.
In a statement issued on Tuesday, the Mortgage Bankers Association (MBA) commented specifically on the UDAP order.
“MBA supports the rescission of this advisory bulletin and thanks Director Pulte for prioritizing this issue in response to our members’ concerns, which we raised at the time of the policy’s release in November and reiterated to the director immediately upon his confirmation,” said Bob Broeksmit, president and CEO of MBA.
“The November bulletin’s specific expectations for Fannie Mae and Freddie Mac (the GSEs) to conduct consumer protection oversight of their customers wrongly established the GSEs as compliance regulators, was duplicative of federal and state regulatory oversight of UDAPs, and would have negatively impacted consumers and lenders through higher costs,” he added.
FHFA has not issued any announcements through traditional channels on these policy changes.
This is a developing story.
