The newly appointed William Pulte leads the Federal Housing Finance Agency (F.H.F.A.) and is implementing significant reforms to reshape the agency and its oversight of Fannie Mae and Freddie Mac. Recently, 35 employees were placed on administrative leave without warning, igniting protests from the National Treasury Employees Union, which represents a substantial portion of the agency's workforce. This move aligns with the Trump administration's cost-cutting ambitions aimed at reducing the government workforce. Fannie Mae and Freddie Mac are crucial to the U.S. mortgage market, consolidating mortgages into bonds for institutional investors, thereby facilitating capital flow to banks for home loans.
The newly appointed head of the Federal Housing Finance Agency, William Pulte, is moving rapidly to reshape the agency and oversight of Fannie Mae and Freddie Mac.
The recent administrative leaves of 35 unionized employees have raised concerns over the pace of cutbacks and compliance with the Trump administration's cost reduction efforts.
Fannie Mae and Freddie Mac, under federal control since the financial crisis, play crucial roles in the $12 trillion mortgage market by buying and bundling mortgages.
Protests have erupted in response to the abrupt placement of employees on leave, with the National Treasury Employees Union highlighting a lack of notice and due process.
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