What to know about Bill Pulte, Trump regulator going after Fed officials
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Bill Pulte, chair of the Federal Housing Finance Agency. Al Drago/Bloomberg via Getty Images
The Trump administration is attempting to oust another Federal Reserve official, and the attack is being led by a familiar figure: top housing regulator Bill Pulte.
The big picture: Pulte accused Federal Reserve governor Lisa Cook of mortgage fraud, and now President Trump is reportedly considering firing her for cause.
What they're saying: Pulte posted on X a letter to the attorney general alleging that Cook "has falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statutes."
- Trump posted on Truth Social that "Cook must resign, now!!!"
Here's what to know about Pulte:
Pulte's accusations against Cook
Pulte alleged in his letter to the attorney general that Cook took out a mortgage on a house in Michigan, which she represented as her principal residence.
- Afterward, Pulte said, she took out a loan on a condominium in Atlanta that was also described as her principal residence.
- Pulte also alleges that Cook listed the condominium as a rental property in 2022, despite having stated in mortgage documents it would serve as her primary residence.
- There is no accusation or evidence that Cook has defaulted on either loan.
- Before going after Cook, Pulte led the administration's push to oust Fed chair Jerome Powell, demanding a congressional investigation into renovation cost overruns at Fed headquarters.
How Cook has responded
The other side: Cook dismissed Pulte's accusations on Wednesday night.
- In a statement, Cook said she has "no intention of being bullied to step down from my position because of some questions raised in a tweet."
- "I do intend to take any questions about my financial history seriously as a member of the Federal Reserve and so I am gathering the accurate information to answer any legitimate questions and provide the facts," she said.
Pulte's background
Pulte was a private equity CEO before Trump tapped him to lead the Federal Housing Finance Agency.
- As the agency's head, he oversees Fannie Mae and Freddie Mac, the government-controlled mortgage issuers that cover about 70% of U.S. mortgages, per the National Associate of Realtors.
- Before the FHFA, Pulte founded Pulte Capital Partners in 2011, which focuses on housing products.
- His grandfather William founded PulteGroup, one of the nation's largest homebuilders.
Pulte is key to Trump's efforts to take Fannie and Freddie public.
- The White House is seeking to raise $30 billion this year in an IPO for Fannie and Freddie, the WSJ reported this month.
- Pulte said in May that going public doesn't necessarily mean taking the government out of Fannie and Freddie:
- "[President Trump] explicitly says he wants to take them public — he did not say he wants to privatize them or many of the other things that are out there."
