Following his Senate confirmation on March 13, Bill Pulte has initiated a series of significant changes as the new Director of the U.S. Federal Housing Finance Agency (FHFA), including both Fannie Mae and Freddie Mac. Despite these changes, messaging from both Fannie Mae and Freddie Mac’s Multifamily teams remains positive and focused on production.
There are reports that 10% of staff at the FHFA have either been terminated or placed on administrative leave. These changes do not pertain to Fannie Mae or Freddie Mac. Last week, Director Pulte appointed himself as Chairman of both Fannie Mae and Freddie Mac, while also removing several board members at both agencies and appointing replacements.
Mike Hutchins was named Interim CEO at Freddie Mac, succeeding former CEO Diana Reid, and both the COO and Head of Human Resources at Freddie Mac were also dismissed. Additionally, Fannie Mae and Freddie Mac have both been instructed to implement five-day return-to-office plans for their staff, with Freddie Mac targeting an effective date of May 1.
This week, Director Pulte rescinded FHFA’s previous directive for tenant protections, which required lenders to monitor and enforce certain tenant lease requirements. Meanwhile, Kelly Follain assumed her new role as Fannie Mae’s Executive Vice President and Head of Multifamily, a transition that was planned prior to Director Pulte’s confirmation.
While the changes at FHFA and the GSEs have been swift and impactful, more changes are still under consideration by Director Pulte and his team.
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