Washington – Amid the White House’s attempts to distract from President Trump’s political adversaries with allegations of mortgage fraud, a 37-year-old homebuilding executive emerges with a notable partisan background.
Bill Pulte, who has been gaining influence in Trump’s circle towards the end of his first term from Florida, has, after years of engaging with Trump through social media and significant donations, taken the helm of a federal housing finance agency.
In the last several months, Pulte has brought three mortgage fraud accusations to the Justice Department against key opponents of Trump, targeting New York Attorney General Letitia James, California Senator Adam Schiff, and recently, Federal Reserve Governor Lisa Cook.
All have refuted these fraud allegations. Trump announced on Monday night that he intended to ignite this controversy further.
This role is unusual for the head of the FHFA, which oversees Fannie Mae and Freddie Mac—two of the largest financial entities in the U.S. These organizations, which support close to half of the nation’s mortgage market, were seized by FHFA during the financial crisis of 2008.
Pulte, the grandson of one of Michigan’s wealthiest homebuilders, began gaining attention on Twitter in 2019 for public charitable giveaways. He referred to himself as the creator of “Twitter Philanthropy,” even offering cars for a Trump retweet, which garnered him over 3 million followers.
Records indicate that Pulte has made significant donations to Trump, the Republican National Committee, and a Super PAC in preparation for the upcoming 2024 election.
While Pulte’s letter to Attorney General Pam Bondi is quite meticulously crafted, his social media presence tends to not shy away from targeted attacks.
“Trump will be the first president to get rid of Federal Reserve governors,” he tweeted, quoting a right-wing commentator who supported the action. “Mortgage fraud can lead to a prison sentence of up to 30 years.”
In another post on X, he referenced a CNN report, asserting that Trump’s efforts against Cook signify a more intense battle against the central bank.
The legality surrounding Cook’s dismissal is murky. Her attorney, Abbe Lowell, stated she intends to sue while continuing to fulfill her federal responsibilities. Lowell also represents James in related legal matters.
In a ruling last May, the Supreme Court determined that Trump had the authority to dismiss individuals from independent federal agencies; however, it carved out exceptions for the Fed, which it labeled a “uniquely structured semi-private organization.” Under the Federal Reserve Act of 1913, the president can only remove members of its leadership “for cause.”
Nevertheless, Pulte’s stated “cause” for firing Cook appears somewhat unclear, claiming she “potentially” engaged in mortgage fraud, suggesting the use of falsified bank records to secure better financial terms.
Pulte noted a pair of homes owned by Cook in Ann Arbor and Atlanta, acquired shortly after fundraising, questioning the legitimacy of those transactions. Cook retorted that she would “respond to legitimate inquiries and provide factual information.”
His other allegations against James and Schiff seem equally superficial, condemning them as potentially criminal without a thorough, unbiased investigation first.
It remains uncertain if those investigations are fair. Earlier this month, Bondi designated Ed Martin, a conspiracy theorist linked to the “Stop the Theft” movement, as a special prosecutor to examine James and Schiff following Joe Biden’s election over Trump in 2020.
Pulte has accused James of manipulating bank documents to secure favorable loans for properties in Virginia and New York, and similar claims followed against Schiff concerning his residences in California and the D.C. suburbs.
Schiff, who was a prominent Trump critic during his presidency and has since become a powerful political opponent in the Senate, labeled Trump’s assertions as “an unfounded attempt at political retaliation.”
In a statement, Schiff’s spokesperson emphasized transparency regarding his two homes, affirming compliance with legal standards and House guidance regarding his mortgages.
Trump, in his argument, cited Fannie Mae’s investigation by the “Financial Crimes Division” as evidence.
However, a memo reviewed by the Times from Fannie Mae’s investigator does not implicate Schiff in any mortgage fraud. The investigator noted that the FHFA Inspector General’s office had inquired about Schiff’s loan file during a quality control investigation.
Investigators discovered that Schiff had at times identified both his Potomac home and his Burbank unit as his primary residence. They concluded that Schiff and his wife, Eve, had displayed a “consistent pattern of misrepresentation” concerning their home loans between 2009 and 2020.
Yet, the investigators did not determine that any crime had occurred nor did they use the term “fraud” in their findings.
