When Bill Pulte cancelled his appearance at an event hosted by the Exchequer Club of Washington D.C., Chris Whalen was recruited for the panel that will replace Pulte. I recommend that you read Whalen’s report at the Institutional Risk Analyst for details and for what’s ahead for housing mortgage finance and the GSEs. In the mortgage market, the three prominent GSEs are Fannie Mae (Federal National Mortgage Association), Freddie Mac (Federal Home Loan Mortgage Corporation), and Ginnie Mae (Government National Mortgage Association). Here’s the link:
“Will the GSEs Be Released Before the Housing Correction?” | Institutional Risk Analyst, https://www.theinstitutionalriskanalyst.com/post/theira758
My speculation is that Bill Pulte, director of the Federal Housing Finance Agency, is going to be a political casualty because of the embarrassing way he launched the Lisa Cook Affair. Since we wrote about it, documents have been leaked or released or examined and the revelations show two things. First, Pulte appears to have shot from the hip without thoroughly researching the evidence. Otherwise, he would have found the information about Cook’s declaring as a “vacation home” a property he questioned as evidence of mortgage fraud. And he might have checked his own family members and found the information about his own parents’ mortgage declarations.
The second thing is that Pulte triggered an embarrassment for President Trump. Trump launched the firing squad at Cook based on Pulte’s allegation, about which there is now doubt. Two courts have ruled against Trump. The SCOTUS is still a question, but the Supreme Court’s inaction allowed Cook to vote at the Fed meeting. What a final outcome will be is unknown.
What lies ahead for Pulte is unknown. Hat tip to Chris Whalen and his timely Institutional Risk Analyst report.
As for those glass house residents who throw stones, it’s best to clean the glass windows so you see clearly.
For Further Reading
“What Decides Where Mortgage Rates Go From Here” | WSJ,
https://www.wsj.com/economy/housing/what-decides-where-mortgage-rates-go-from-here-b5b09e35
