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President-elect Donald Trump announced plans Thursday to nominate private equity CEO Bill Pulte as director of the Federal Housing Finance Agency (FHFA).
What To Know: If Trump’s selection is confirmed, Pulte will become the top housing regulator, overseeing mortgage giants Fannie Mae (OTCQB:FNMA) and Freddie Mac (OTCQB:FMCC), which have been in conservatorship since the 2008 financial crisis.
The FHFA is expected to play an integral role in anticipated efforts to return the mortgage giants to the private sector, according to Reuters.
Trump reportedly took steps to try to remove Fannie Mae and Freddie Mac from government control during his first term. Removing the mortgage giants from conservatorship is expected to be a priority for Trump in his upcoming administration.
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Pulte is the grandson of William Pulte, founder and chairman of U.S. homebuilder PulteGroup. He’s also known for his philanthropy on social media platform X, where he often gives away money to people in need of financial help.
“Bill needs no formal introduction to the Great Citizens of our Country, because they have seen, and many have experienced, his philanthropy firsthand. He believes in the incredible potential of our Nation, and will help us restore the American Dream FOR ALL,” Trump said in a post on Truth Social.
Shares of Fannie Mae were down nearly 10% and shares of Freddie Mac were lower by more than 11% at last check, according to Benzinga Pro.
Despite Thursday’s declines, Fannie and Freddie are both up close to 300% over the past three months in anticipation of Trump’s return to the White House.
Meanwhile, the VanEck Mortgage REIT Income ETF (NYSE:MORT) and IShares Residential And Multisector Real Estate ETF (NYSE:REZ) were both up about 1% at the time of writing. Names like UWM Holdings Corp (NYSE:UWMC) and Rocket Companies Inc (NYSE:RKT) were also higher, last up 2.63% and 0.82%, respectively.
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Photo: Courtesy of the Library Of Congress.
