Bill Pulte, the new Federal Housing Finance Agency director, is quickly enacting policy changes at Fannie Mae and Freddie Mac. Now, he is posting reversals of some programs on X.
One of the most notable changes ended the Biden administration's renter rights program for multifamily properties backed by Fannie Mae and Freddie Mac. This policy, part of the "Blueprint for a Renters Bill of Rights," aimed to enhance fairness in the rental market by requiring landlords to provide tenants with a 30-day notice of rent increases, lease term expirations, and a five-day grace period for late rent payments.
Pulte argued that this policy would increase compliance burdens for lenders and property owners, pointing out that many states and local governments already have laws and policies regarding lease notices and late fees.
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Industry groups such as the National Apartment Association and the National Multifamily Housing Council had opposed the policy, citing similar concerns about compliance costs.
Beyond the renter rights reversal, Pulte has also significantly changed other initiatives. This includes terminating special-purpose credit programs (SPCPs) designed to support first-time homebuyers by offering lower down payments and credit score requirements. These programs were created to assist economically or socially disadvantaged groups through the Equal Credit Opportunity Act. The FHFA stated that the current level of support for SPCPs is inappropriate for entities in conservatorship.
Additionally, Pulte has waived certain requirements related to equitable housing finance planning and reporting. These rules mandated the FHFA to adopt an equitable housing finance plan and publish an annual performance report.
Pulte has also confirmed that there are no plans to lower the conforming loan limit for Fannie Mae and Freddie Mac, which currently stands at $806,500. This decision is notable given the Trump administration's previous intentions to downsize the federal government and potentially reduce the scale of these mortgage giants.
The rapid changes under Pulte's leadership have included significant personnel shifts at Fannie Mae and Freddie Mac, with Pulte appointing himself chairman of both boards and making other key leadership changes. In addition, the Trump administration is considering privatizing these entities, which could have significant implications for the housing market.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
