Post · Kakapo Social

#BillPulte ’s power over the #mortgage lending industry is unusual. Not long after his #Senate confirmation, he appointed himself chairman of both #FannieMae & #FreddieMac, which hold trillions of dollars in assets. The companies serve as a crucial backstop for the home lending industry by buying up mortgages from individual lenders, which are packaged together & sold to investors.

#law #scammers #housing #HousingCrisis #affordability #CostOfLiving #WealthGap #Trump

Nonilex

@Nonilex@masto.ai replied · 14 hours ago

The 3 competing roles present the potential for a #ConflictOfInterest that is detailed in emails reviewed by AP. Like many matters of public policy in Trump’s Washington, it appears to have begun with a social media post.

In October, #Trump criticized the homebuilding industry….

“They’re sitting on 2 million empty lots, A RECORD,” Trump posted to his social media…. “I’m asking #FannieMae & #FreddieMac to get Big Homebuilders going.”

“On it,” #BillPulte posted in response on X.

#law #housing

Nonilex

@Nonilex@masto.ai replied · 14 hours ago

…Soon, a team at #FannieMae was overseeing an effort to pull together a tranche of #mortgage data, according to emails reviewed by the AP. Smith played a central role and shared the #confidential lender-level pricing information with #FreddieMac, which set off alarms at both companies, according to the emails.

#law #scammers #housing #HousingCrisis #affordability #CostOfLiving #WealthGap #BillPulte #Trump

Nonilex

@Nonilex@masto.ai replied · 14 hours ago

In the Oct 11 message to Smith, Evans, the #FannieMae #mortgage executive, also added others to the email chain because they “were involved with this week’s efforts to compile this information” & he wanted to “make sure you do not exacerbate this issue.”

Danielle McCoy, Fannie Mae’s general counsel, weighed in, adding that the information Smith provided to #FreddieMac should “never be shared” & “could put the company at risk.”

#law #scammers #housing #affordability #BillPulte #Trump

Nonilex

@Nonilex@masto.ai replied · 14 hours ago

Others who were part of the email chain included Almodovar, the CEO; COO Peter Akwaboah; Devang Doshi, a snr VP for capital markets; & John Roscoe, a #BillPulte loyalist & fmr #Trump White House aide, who served as #FannieMae’s executive VP of PR & operations.

Days later, Almodovar, McCoy & Evans…were out of a job. Meanwhile, Roscoe was promoted to co-president of the company, while Akwaboah was named acting CEO.

#law #scammers #housing #HousingCrisis #affordability #CostOfLiving #WealthGap

Nonilex

@Nonilex@masto.ai replied · 14 hours ago

#BillPulte also got something he wanted.

A day after the terse email exchange, #Trump posted a graphic to his Truth Social network that featured #FannieMae’s logo, a list of large homebuilders & the headline “We Give Them Billions.”

Pulte quickly reposted it.

#law #scammers #housing #HousingCrisis #affordability #CostOfLiving #WealthGap