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Pulte suggests new Fannie Mae, Freddie Mac business deals
Bill Pulte said the government-sponsored enterprises will see partnerships emerge as he eyes their money-making potential, while also upping criticism of homebuilders and the Fed chair at a housing conference Friday. In a call with attendees at the Residay 2025 conference in New York, the Federal Housing Finance Agency director pointed at the recent Trump administration decision to make federal investments in technology chips provider Intel as a model the government-sponsored enterprises should follow. "I look at it similarly but a little bit differently at Fannie and Freddie because it is actually a business. It is a private business," he said. "I think that Fannie and Freddie will probably take ownership in different companies by virtue of companies offering them equity in exchange for Fannie and Freddie doing smart business constructs with them. So yes, I do think that you're going to see that," he said.Pulte characterized potential partners as "upcoming, leading tech companies." Earlier this year, Fannie Mae and Palantir had already signed a business agreement leading the two companies to cooperate on fraud detection efforts. Financial terms of that partnership were not disclosed. "I can tell you the name of one of the companies who wants to give us equity — one of many companies — and you'd be blown away with how much money is involved," Pulte continued Friday. The director did not reveal the entity but described it as "big." On the topic of conservatorship for the two GSEs, Pulte reiterated past statements deferring to President Trump but thought it would remain for the short term. "It'll be up to the president, whether he decides to do it or not, but I believe it will stay in conservatorship. I believe it will be very strong." A decision would likely come in the current quarter or early next year, as it would speed up any potential future initial public offering that the president has proposed. Homebuilders, Powell remain targets of Pulte criticismElsewhere in the conversation, Pulte called on homebuilders to do more to address affordability that has kept home purchases out of reach for many Americans, pointing at the liquidity the GSEs provide to them."The builders control a lot of this equation," he claimed. "I think people are going to stick out like a sore thumb who are not building. People are going to start to say, 'Well, why are you artificially constricting supply in order to keep prices high?'"For their part, some of the largest homebuilders had previously pushed back on similar assertions made by the Trump administration. "We're trying to work constructively with them, and our first preference is to work with them. But they need to lower their prices," Pulte said.The housing director also did not hesitate to throw barbs at Federal Reserve Chair Jerome Powell, ramping up his prior criticism despite recent softening of mortgage rates. Pulte has faulted Powell in the past for Fed monetary policy moves that led to declining affordability and a spike in interest rates and went as far as calling him a "maniac" on Friday."I wouldn't say those things if he wasn't hurting real people, but this hurts real people."
CFPB makes early exit from consent order against TransUnion
Russell Vought is the director of the Office of Management and Budget and acting director of the Consumer Financial Protection Bureau. Andrew Harrer/Bloomberg Key Insight: The five-year consent order that was settled in late 2023 was ended nearly three years early by the Trump administration. Supporting Data: TransUnion already paid a $5 million-dollar fine and $3 million in restitution to harmed consumers. What's at Stake: The bureau is not filing any enforcement actions or conducting oversight of nonbanks as it seeks to fire up to 90% of the agency's employees. Russell Vought, the acting director of the Consumer Financial Protection Bureau, terminated a 2023 consent order three years early against TransUnion by stating that the credit bureau had already paid fines and restitution to harmed consumers. Vought waived part of a 2023 consent order that required years of ongoing monitoring of TransUnion. The Chicago-based credit bureau had failed to remove security freezes and locks on consumers' access to their credit reports in a timely manner— even though the company told consumers that freezes or locks had been placed or removed. The consent order had been issued under former CFPB Director Rohit Chopra for violations of the Fair Credit Reporting Act and the federal prohibition against unfair, deceptive and abusive acts or practices. The CFPB filed the administrative order on Monday, though Vought signed it Oct. 31.The early exit from is in line with the Trump administration's ongoing efforts to neutralize the CFPB. Vought withdrawn and dismissed dozens of consent orders, settlements and pending enforcement actions inherited from the Biden administration. Since the Trump administration took over the bureau in February, the agency has halted all enforcement and supervision of nonbanks. The bureau has not filed any enforcement actions or entered into any consent orders in 10 months.CFPB employees are not working due to the federal government shutdown. But Vought also is locked in a bitter legal battle because he plans to fire more than 1,000 CFPB employees, claiming the agency that oversees 18 consumer protection laws only needs 200 employees to comply with statutory requirements. TransUnion said in a statement that it had "fully complied with all aspects of the security freeze consent order and is pleased the CFPB determined that an early termination of the order was warranted."TransUnion did not admit any wrongdoing but agreed to the settlement to resolve the matter, a company spokesman said. The credit bureau said that it has resolved "systems issues," related to the security freezes and locks, and is monitoring and addressing any issues going forward, the spokesman said. Vought said TransUnion had fulfilled some obligations under the consent order by paying a $5 million-dollar fine, making redress payments to consumers, and taking steps to implement injunctive relief to prevent future violations.
Opendoor and Roam Partner to Push More Assumable Mortgages to Home Buyers
In a bid to make iBuying more lucrative for buyers and sellers, Opendoor has partnered with assumable mortgage platform Roam.The move should make it easier for buyers looking for an Opendoor property to also identify the ones with an assumable mortgage attached.Many mortgages are assumable, and because existing homeowners have such low fixed-rate mortgages these days, the practice has finally become attractive.The partnership should help surface more of these loans and allow Opendoor buyers to lean on Roam’s expedited assumption process.It could also make more home purchases pencil if the buyer is able to take advantage of a lower blended interest rate.Opendoor and Roam Join Forces in Assumable Mortgage PushThere were rumblings of a partnership between these two companies on social media platform X for a while.And now they’ve finally announced a collaboration that will insert Roam’s assumable mortgage tools into the Opendoor ecosystem.Moving forward, prospective home buyers shopping for properties on Opendoor will be able to see which sellers have assumable mortgages.All types of home loans are assumable, including FHA loans, VA loans, and USDA loans.However, mortgages backed by Fannie Mae and Freddie Mac, known as conforming loans are not.Roam makes it easy to see which properties have assumable mortgages, and they also help facilitate what can be a tricky and time-consuming process.Opendoor is an iBuyer platform that allows home sellers to part with their properties without using a real estate agent, or making any improvements, staging, etc.Now that mortgage rates are markedly higher than they were just three years ago, loan assumptions are beginning to make a lot of sense.For example, if a home buyer can assume a fixed-rate mortgage set at 2.75% instead of having to take out a new one at 6.25%, it can be a major money-saver.And many of these loans still have a good chunk of the loan term remaining because mortgage rates hit record lows in 2021.That means the 30-year fixed mortgages taken out at the time still have a good 25 years remaining.Opendoor Home Buyers Can Now Use Roam’s Assumable Mortgage Tools and Transaction SupportHowever, there is the matter of the assumption gap, which is the difference between the sales price of the property and the remaining loan balance.To bridge the gap, home buyers need a down payment, but often it can be quite wide as these properties have increased in value significantly as well.Roam addresses this issue by allowing borrowers to take out a piggyback second mortgage.For example, say a home is selling for $500,000 and has an outstanding loan balance of $375,000.The home buyer can assume the loan, but that still leaves a $125,000 shortfall. Perhaps they don’t have a down payment of $125,000, but they can put down $50,000.They can get a second mortgage from Roam’s partner for the remaining $75,000 and then they’re all square.Together, these two loans will have a blended interest rate, which will be higher than the first mortgage rate.Say a 2.75% first mortgage and a 7% second mortgage. But even then, it’ll be a lot lower than a 6% mortgage.Ideally, this partnership will expand the reach of assumable mortgages and ensure more of them don’t go to waste from property owners sell.Initially, Opendoor will identify eligible properties with assumable mortgages and bring in Roam to assist qualified sellers looking to pursue a higher sales price and a faster closing.That includes eligibility coordination between the two platforms, along with home buyer/seller education, and real estate agent tools.Over time, the pair may deepen the integration to provide more value to home buyers and sellers, and make both iBuying and loan assumptions more attractive. Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 19 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on X for hot takes.Latest posts by Colin Robertson (see all)
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