Keep Fannie Mae and Freddie Mac free of undue corporate influence! Fund the Fight Demanding Senators Reject the Nomination of Private Equity Executive Bill Pulte Now >>
President Trump has announced his nomination of private equity executive Bill Pulte for director of the Federal Housing Finance Agency (FHFA), which sets policy for Fannie Mae and Freddie Mac to provide government-backed guarantees of most U.S. mortgages.
Fannie Mae and Freddie Mac make homeownership cheaper by buying qualifying mortgages and taking on the risk of default, which then allows mortgage lenders to make more loans.
Private equity has a long track record of destroying entire industries from nursing homes to restaurants and even pet stores. Some of the worst of it is their track record in taking over huge swaths of the housing market to manipulate prices and maximize their own profits. Handing over the Federal Housing Finance Agency to a private equity executive is the housing equivalent of privatizing Medicare: great for billionaires, not so much for the rest of us.
The FHFA's task is to prioritize the public good over private gain. The opposite of Pulte’s priorities in the private equity world: to maximize returns for private equity firms. The public must be able to trust that the FHFA is acting in accordance with the public good, to overcome discriminatory practices such as redlining, and to create more affordable housing.
Contribute to Americans for Financial Reform and fund the fight demanding senators reject the nomination of private equity executive Bill Pulte now >>
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