Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, sent a letter to Federal Housing Finance Agency (FHFA) Director William Pulte, demanding answers regarding numerous alarming actions he has taken since his confirmation, which raise serious concerns about conflicts of interest, legal violations, and harmful housing policy decisions.

In the letter, Congresswoman Waters condemns Pulte for appointing himself as Chairman of the Boards of Fannie Mae and Freddie Mac (collectively, “the Enterprises”), alongside his general counsel. The letter also criticizes Pulte’s installation of co-President Elon Musk’s so-called Department of Government Efficiency (DOGE) initiative. Waters further calls out Pulte’s efforts to dismantle the Office of Minority and Women Inclusion, slash essential agency staff, and weaken the role of Fannie and Freddie in the market. She goes on to raise concerns with Pulte’s elimination of Special Purpose Credit Programs supported by the Enterprises, which were designed to combat discrimination in lending and expand homeownership opportunities for first-time homebuyers and historically marginalized borrowers.

“During your first month at FHFA, you have broken the law by illegally appointing yourself as Chairman of the Boards of each of the Enterprises, along with naming your General Counsel as a Board member for each Enterprise,” wrote the Congresswoman. “The growing politicization of the agency threatens to undermine FHFA’s ability to provide liquidity, stability, and affordability to the U.S. housing market, as required by statute. This shift could also erode industry confidence in the Enterprises, lead to uncertainty in the mortgage markets, and even result in an increase in mortgage rates as a result of the attendant risk.”

In closing, Congresswoman Waters demands Pulte respond to a detailed series of questions by April 14, 2025 related to agency operations, the role of DOGE within FHFA, and the status of key programs intended to promote affordable homeownership opportunities and equal access to mortgage lending through the Enterprises.

See the letter here.

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