A confidant of Bill Pulte, the Trump administration’s top housing regulator, provided confidential mortgage pricing data from Fannie Mae to a principal competitor, alarming senior officials of the government-backed lending giant who warned it could expose the company to claims that it was colluding with a rival to fix mortgage rates.
Emails reviewed by The Associated Press show that Fannie Mae executives were unnerved about what one called the “very problematic” disclosure of data by Lauren Smith, the company’s head of marketing, who was acting on Pulte’s behalf.
“Lauren, the information that was provided to Freddie Mac in this email is a problem,” Malloy Evans, senior vice president of Fannie Mae’s single-family mortgage division, wrote in an Oct. 11 email. “That is confidential, competitive information.”
He also copied Fannie Mae’s CEO, Priscilla Almodovar, on the email, which bore the subject line: “As Per Director Pulte’s Ask.” Evans asked Fannie Mae’s top attorney “to weigh in on what, if any, steps we need to take legally to protect ourselves now.”
While Smith still holds her position, the senior Fannie Mae officials who called her conduct into question were all forced out of their jobs late last month, along with internal ethics watchdogs who were investigating Pulte and his allies.
The dismissals rattled the housing industry and drew condemnation from Democrats. It also gave Pulte’s critics evidence to support claims that he has leveraged the nonpublic information available to him to further his own political aims.
“This is another example of Bill Pulte weaponizing his role to do Donald Trump’s bidding, instead of working to lower costs amidst a housing crisis,” said Sen. Elizabeth Warren, of Massachusetts, the ranking Democrat on the Senate Banking Committee. “His behavior raises significant questions, and he needs to be brought in front of Congress to answer them.”
The episode marks the latest example of Pulte using what is typically a low-profile position in the federal bureaucracy to enhance his own standing and gain the attention of President Trump. He’s prompted mortgage fraud investigations of prominent Democrats who are some of the president’s best known antagonists, including Sen. Adam Schiff of California, New York Attorney General Letitia James and California Rep. Eric Swalwell.
In June, he ordered Fannie Mae and Freddie Mac to prepare a proposal for the firms to accept cryptocurrency, another industry Trump has boosted, as part of the criteria for buying mortgages from banks. Last week, he persuaded Trump about the allure of a 50-year mortgage as a way to increase home buying and building – a proposal that was widely criticized because it would drastically increase the overall price of a loan.
Pulte also has focused on large home construction companies, which have drawn Trump’s ire. Pulte requested confidential Fannie Mae data and has publicly signaled that he is considering a crackdown if the companies do not increase construction volume.
“I’m looking at the Fannie Mae builder data and with the top three homebuilders we buy EASILY over $20 billion in THEIR LOANS!” he posted to X in early October.
In a brief statement, the Federal Housing Finance Agency, which Pulte leads, did not address questions from the AP, but said the agency “requires its regulated entities to carry out their operations in compliance with all applicable laws and regulations.”
Hellbound and Down 