Trump Taps Pulte for FHFA Director
President Donald Trump’s nomination of Bill Pulte for the Federal Housing Finance Agency (FHFA) directorship suggests that the second Trump administration may pursue a housing agenda that is meaningfully different not only from Biden’s but that of his first administration. Bill Pulte is likely to pursue priorities that starkly contrast with those of his predecessor, Mark Calabria.
Mark Calabria’s Tenure and Background
Dr. Mark Calabria was sworn in as the FHFA Director on April 15, 2019, following his confirmation by the Senate.
Prior to this role, Calabria served as the Chief Economist to Vice President Mike Pence, bringing experience in economic policy and housing finance. His career includes positions such as Deputy Assistant Secretary for Regulatory Affairs at the U.S. Department of Housing and Urban Development and senior roles at the Cato Institute, where he advocated for limited government intervention in housing markets.
During his tenure at the FHFA, Calabria emphasized the need to end the conservatorships of Fannie Mae and Freddie Mac, aiming to return these government-sponsored enterprises (GSEs) to private control. He advocated increasing the capital reserves of the GSEs to protect against future financial crises and reduce taxpayer risk. Simultaneously, he advocated for more robust data sharing between FHFA and the GSEs, requesting data extracts that would allow FHFA to conduct their own analysis of Fannie Mae’s business activity independent of Fannie analysts. He may have believed that this level of transparency was necessary to convince Congress to privatize Fannie. Calabria’s approach was rooted in his belief that a more privatized system would foster a competitive, liquid, and resilient national housing finance market.
Bill Pulte’s Nomination and Background
In contrast, Bill Pulte brings a background centered on private equity and philanthropy.
As the grandson of William Pulte, founder of PulteGroup—a leading U.S. homebuilder—Bill Pulte has familial ties to the housing industry. However, he has been more directly involved in philanthropic endeavors than he has with the family business, using social media platforms to distribute personal funds and raise money for individuals in need. This modern approach to philanthropy has garnered him significant public attention and a substantial following.
Unlike Calabria, Pulte does not have a traditional background in economic policy or regulatory affairs. It remains to be seen how he would navigate the complexities of overseeing the GSEs and their effect on the overall economy.
Comparative Analysis
The primary contrast between Calabria and Pulte lies in their professional trajectories and expertise. Calabria’s experience in economic policy and housing finance provided him with a foundation to pursue technical reforms aimed at reducing the government footprint in the housing market. His tenure was marked by efforts to bolster the financial standing of Fannie Mae and Freddie Mac, with a focus on safeguarding against systemic risks.
Pulte’s background, while connected to the housing industry through lineage, is characterized by a more unconventional blend of private equity and digital-age philanthropy. His approach to leadership at the FHFA could introduce fresh perspectives, particularly in leveraging technology and social platforms to address housing issues. However, his lack of direct experience in housing finance policy raises questions about his approach to the regulatory and operational challenges inherent in the role.
Conclusion
President Trump’s nominations of Mark Calabria and Bill Pulte to lead the FHFA reflect differing priorities and strategies in housing finance oversight. Calabria’s tenure was defined by a technocratic approach aimed at structural reforms and risk mitigation within the GSEs. In contrast, Pulte’s nomination signals a potential pivot towards innovative, more populist methods of addressing housing finance, though his specific policy positions remain to be articulated. As the housing market continues to evolve, the leadership and direction of the FHFA will play a critical role in shaping the accessibility and stability of housing finance in the United States.
Franklin Carroll
Franklin Carroll is Kukun's VP of Modelling and Analytics; After finishing his studies at the University of Chicago, he worked at Fannie Mae where he helped build Collateral Underwriter, roll out the Value Verify initiative, and specialized in collateral related and credit related policy.
Published January 29, 2025
