Fannie Mae should be shut down, not expanded. Pulte should be fired.
Pulte Is Morally Disgusting
Pulte is morally disgusting, cheering policies that put taxpayers at risk if home prices collapse again. He also has been cheerleading the effort to dump Powell.
As a homebuilder, he wants lower rates.
Trump picks some of the least qualified persons in history to head departments. Trump’s concern is not the best interest of the US. It’s blind loyalty to Trump.
Others have clearly caught on as the following Tweets show.
Why Is Nobody Talking About Pulte’s Conflicts of Interest?
Regarding the cost overruns (from the WSJ)…
The Fed says the project has faced cost overruns in part because of unforeseen construction conditions such as more asbestos than anticipated, toxic contamination in the soil and a higher-than-expected water table. The project was expensive to begin with because local building authorities secured design changes to make the renovation more compatible with the original building. To make up for lost space, the plans added square footage below ground level, which the Fed said sent up the price tag.
Construction cranes for the project have been visible on the Washington skyline for two years, and The Wall Street Journal highlighted cost overruns in a 2023 news article.
Bill Pulte Smells Bad and One has to Wonder about Pulte Construction
Pulte Home Lawsuits
Sun City Grand, Arizona (2012)
In 2012, PulteGroup’s Del Webb Communities was reportedly ordered to pay nearly $13.6 million to 460 homeowners in Sun City Grand, a retirement community in Surprise, Arizona. The homeowners had initiated the lawsuit in 2006, alleging poor construction quality. The settlement included $7.9 million in damages and $5.7 million in court and legal costs. builderonline.com
Florida Stucco Defects Settlement (2019)
In 2019, following an investigation by the Florida Attorney General’s Office, PulteGroup reportedly agreed to a multimillion-dollar settlement addressing construction defects in its Florida homes. Homeowners had complained about issues such as cracks in stucco applied to wood frames, stucco delamination, and improper installation of weep screed. As part of the settlement, Pulte paid $4.7 million in restitution to cover out-of-pocket expenses incurred by affected homeowners and committed to repairing homes that met specific criteria. myfloridalegal.com
Related News
In a 2019 report by KTNV, residents of the Bellano community in Henderson, Nevada, built by Pulte Homes, voiced numerous construction-related concerns. Homeowners cited issues such as subpar finish work, exposed wood on roofs, and improperly installed door frames. Despite moving in months prior, many were still awaiting repairs. Pulte Homes acknowledged the concerns and stated their commitment to addressing warranty requests. ktnv.com
Understanding Pulte’s Fraudulent Game
My Sentiments
Pulte Confident
Of course this ass is confident, he is cheerleading the effort.
I would love to see the same scrutiny on the quality of Pulte Homes.
Let me fix that. “As someone with deep experience in shoddy construction, I may know it if I see it.“
Totally Disgusted
We already had one housing crisis with mortgage rates too low, and Pulte is swinging for the fences to have another.
Please recall Trump pledged to privatize Fannie.
There should not be a Fannie or Freddie. Every attempt to make mortgages more affordable led to higher prices.
Government does not belong in the housing business at all. And the worst part of it now is that it is run by a self-serving political hack liar.
Can I now tell you how I really feel?
Related Posts
July 16, 2025: Betting Odds on Trump Firing Powell Surge on NYT Rumor, then Crash
Pulte fueled the rumor, if not started it. Current odds 8 percent down from 54 percent on the rumor.
End the Fed
There should not be a Fed.
I would like to see the free market set rates. I guarantee they would not be the 1 percent rate that Trump wants.
The one thing worse than an independent, but biased Fed, setting rates is an economically clueless politician setting rates to achieve his political goals.
Even if you foolishly believe “economically clueless” does not apply to Trump, then think of a context where someone like Kamala Harris is setting rates.
I Officially Announce my Availability to Become the Next Fed Chair
On July 9, I posted I Officially Announce my Availability to Become the Next Fed Chair
Trump considers naming the next Fed Chair early. I have a fifteen-point plan.
I throw my name into the ring.
And I have a plan for what needs to be done. Does anyone else have a plan?
Mish’s 15-Point Fed Plan
- Explain to the nation why we don’t need a Fed and how independent central banks have created boom-bust cycles of increasing amplitude over time. The main corollary is history shows the one thing worse than independent central banks is a central bank run by politicians, frequently ending in hyperinflation.
- Surround myself with qualified insiders who understand the Fed but also believe in the mission to end the Fed.
- Stop paying interest on reserves, phased in over 18 months.
- Wind down the Fed’s balance sheet totally in 2-3 years.
- Require that assets available on demand such as checking and savings accounts are truly available on demand. That means demand deposits are parked in overnight US treasuries. This would be phased in over two years. As a result, we would have genuine safekeeping banks.
That’s the first five. Click on the above link for further discussion.
It’s nothing more than a corporate corruption company not held responsible for the damage they cause in the economy. SHUT IT DOWN> NOW Mr. Shedlock must be for unchecked corruption. Mish you should pull this web out of Google completely what a bunch of shit on here.
The Federal government needs to get out of the mortgage business. Sell it while people are willing to invest in it.
Absurd
“….the worst part of it now is that it is run by a self-serving political hack liar.”
That is line number one of the two-page Job Description for ANY and ALL Politicians, Mish!
Here is a complete List Give to me by Bill Gpt:
1. Financial Corruption
2. Nepotism, Cronyism, and Patronage
3. Electoral Corruption
4. Abuse of Power and Influence
5. Administrative and Regulatory Corruption
6. Systemic and Structural Corruption
My definition is:
A politician is a person that positions himself between good and evil and sells out to the highest bidder.
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The’re an inaccuracy in your post. Bill Pulte is NOT a homebuilder. He’s the grandson of the guy who founded Pulte homes. But Bill has never been employed by his family’s company. His sole involvement with the company was serving on the board in an honorary position, for a very short time, and he was promptly kicked off the board in disgrace.
This is part of his grift. He wants you to think he’s got homebuilding experience. He has NONE. What’s really motivating his anti-powell tirades is not the desire for lower rates, but the desire to emulate Trump. Bill idolizes trump because he relates to a fellow narcissistic nepobaby who abuses power. That’s it!
Predator-Opportunists’ Ball in full session. If the federal center continues its path toward, and into, decline, this creates a very unstable ecosystem. I think of a diseased tree, with opportunistic organisms showing up all around.
Pulte isn’t even a “homebuilder.” He was kicked from the PHM board for a reason. He is and was a useless tool. Tying him into his family’s company is part of the grift and even if you just do it for the bad stuff you’ll see that Grinch grin because that is what he wants. Without his family name, he is a nobody. Even his family hates him.
For what it’s worth, Bill Pulte was barely part of the Pulte home company. He is the grandson and was a board member for a few years only. Most of his background is private equity.
Pulte’s construction quality is abysmal. Probably the worst out of the national builders. Buyer beware.
Pulte, DR Horton, Lennar, etc. have been slapping up cookie-cutter homes in massive subdivisions for the past decade. Check out some youtube videos on the quality of construction. How they ever get a ‘certificate of occupancy’ is beyond me. Sad for people putting down good, hard-earned money for what is the first home for many. It is criminal.
amerika is an empire which builds crap and sells poison as food.
Bill Pulte wouldn’t even know that. Because he’s never been employed by Pulte Homes, his family’s company. He shares the last name with homebuilders, but he’s not a homebuilder himself. Just a bored idiot with more money than sense.
The first priorities: lower rates, a smaller gov and tariffs. The dynamic: a min of $0.5T/y from lower rates, a min $0.5T/y from a smaller gov and a min $0.5T/y from tariffs. When u add them up and higher tax collection the gov can “brutally” chop debt. The RE bleeding will be painful. After Price/Rent will normalized and wages will rise in real terms (above the inelastic rent CPI, the service CPI, the retail CPI, car dealers CPI, the food & drinks, general merchandize, gas stations, airlines and vacations CPI …) ==> RE will come back.
In Other News
The House gave final approval to President Donald Trump’s request to claw back about $9 billion in funding for public broadcasting and foreign aid early Friday.
The vote marked the first time in decades that a president has successfully submitted such a rescissions request to Congress, and the White House suggested it won’t be the last.
It’s not much, but it’s a start. I certainly hope Trump / Congress come through with more impoundments. While I’m not going to hold my breath, this is good news.
yes.
more dough for israel and the MIC. just ducky.
Exactly. Our choice: Local Corruption or Overseas in DeathLand.
“There should not be a Fannie or Freddie. Every attempt to make mortgages more affordable led to higher prices. Government does not belong in the housing business at all. And the worst part of it now is that it is run by a self-serving political hack liar.”
Nice article, Mish. I couldn’t agree more. While I’m fine with the spotlight hitting any area of overspending like what’s happening with the Fed, the last thing we need are artificial steps taken to lower mortgage rates. And I agree. Get the government out of making loans. It’s very important that Powell remains in place through next May, so he can resist Trump’s efforts to manipulate rates lower.
Out of housig loans AND out of college loans. In both cases the well-intended policies increase price.
Fuck Pulte and Fuck Trump. DJT is the biggest liar to his base than any POTUS in my lifetime. I really hope the MAGA diehards will open their eyes soon and see what a fraud the Cheeto is. Pulte as director of FHA is pure mercantilism, corruption.
president pederast reminds me of charlie manson. their cult are blind and drugged out hippy chics with red hats……….
The base, particularly influencers, have begun to look beyond Trump, so for the first time, to punch back at this months’ events (Iran, Ukraine, Epstein insult posts). Of course the BBB consequences for them were neatly calendared off into the future, timed for elections. But it is an interesting moment to see where things might shift. There are some tremors, anyway.
Murdoch in WSJ and Daily Mail repositioned lately to confront Trump. Trump now openly threatened to sue, once the Epstein album story hit. So maybe Murdoch steps into the Nixon-era WashPost shoes?
i do agree. i think this could be president pederasts, waterloo. if enough Rs confront him and say step aside or go to prison for rape of kids, and let JD take over. i’d give this a year from now to play out. like Nixon bullshit did.
Not a chance, Murdoch is FOX News and parent of the WSJ, Barrons and many other right wing rags. Murdoch picked Trump and boasted that he was picking the next president.
Murdoch makes Trump seem like a benign tumor.
Technically, W’s lies and the lies of his staff caused considerably more destruction and despair than Trump. Same goes for Obama and definitely for Biden, although Biden’s mind was essentially a bowl of jell-o with fruit mixed in for the last 5 years…. along with the people that voted for him.
Dissolve Fanny and Freddy. Let the Masters Of The Universe bankers take / keep their own risks.
A huge body of homeowners want their accrued house wealth, one way or another, principles be damned.
That is correct. They want theirs.
That’s why prices won’t come down.
Prices won’t come down because we elect the most corruptable people to positions they should not be in. That includes you, my man.
Markets setting rates … Leverage and vol are the flies in the ointment compounded by ideological over reach. Rates are a control mechanism wielded by the hand of those in power, not the Hand of free markets. We would have to be rid us of those peeps as well.
Amen,
You have my vote
#EndTheFed
In 2008 the RE market collapsed. The community organizers Fannie and Freddie went bk. The Fed raided people’s bank accounts to save the fat cats bankers and the RE market. The Fed cut rates and Obama’s Fannie finance mortgages. MBS are down to $2.14T. The banks like moderately higher rates. Trump and Pulte want lower rates. They will get it. Fannie will finance the decaying RE market for years until Price/Rent will normalize. Obama’s shadow will cool the RE market for about another decade, until the private sector takes over.
Good thoughts. Might low rates create whack-a-mole — transferring inflation to general consumer prices?
Are you sure it was Obama(2009-2017) not W(2001-2009)?
I believe we should eliminate Fannie Mae….get the Federal Government out of the housing market.
Here’s one example.
https://sauderschelkopf.com/investigations/pulte-homebuilder-construction-defect-lawsuit-investigation/
the FEDRESNY is a private entity. owned by nyc banks and a few others……the FED in DC is a sideshow. the real damage to us all is done in lower manhattan at the NYFED. a private company.
Agreed whole heartedly… Don’t we believe in the free market… It sets the price of gold, silver, stocks, hamburger, sheets, towels, milk and most everything else… Since when does Trump or some committee know what the proper short term interest rate should be…
Almost no one really wants a truly free market. In principle they do, but not in real life. It wasn’t a free market when Franklin Raines was head of Fannie (and got rich) while FNMA was buying zero-down loans with 64.99% debt-to-income ratios. Those were the “My Community Mortgage” loans.
Don’t get me wrong – Bill Pulte should not be running Fannie Mae.
Best example is healthcare. Hardcore free marketeers want somebody else to be the doctor lets poor people die or curable disease outside the door while the cure passes its expiration date inside.
and government will save healthcare single payer nabobs think that will somehow fix everything. I mean…. look at how good the VA is. Ask a veteran.
since this happened old sport. the FED is the 3rd central bank for the amerikan empire, btw. The Panic of 1907 was a severe financial crisis in the United States, triggered by a failed attempt to corner the market on United Copper Company stock. This led to bank runs, trust company failures, and a significant stock market decline. The crisis highlighted the weaknesses of the existing banking system and ultimately spurred the creation of the Federal Reserve System
“It sets the price of gold, silver, stocks, hamburger, sheets, towels, milk and most everything else”
Where? When? All of those items cost different prices at different times and places.
Hank Paulson and Timothy Geithner as Treasury Secretaries rank right up there with this nonsense. Gave both examples since the bipartisanship in keeping the gentrified monied class stock/housing asset bubbles afloat has been running about 17 consecutive years. The banks have been recapitalized on the back of the US Taxpayer since the GFC and the debt/deficit-fueled monetary stuffing into anyone willing to be enriched has created a government/private marriage of bad actors and intentions.
This looks no different, sadly. Obvious to anyone but stoppable by no one, mostly because a solid 60+% have been enriched and want no a part of giving any of the ill-gotten passive gains back.
Do these idiots think long rates will go down if trump fires Powell?!? I’d bet on the opposite…
I agree.
Many others share your opinion on this subject.
Anybody with an IQ of 10+ can see the conflict of interest, and always has. But it’s not surprising at all anymore, so most people simply roll their eyes at this point. I’m glad MISH has brought it up.
As Mark Twain once stated…”We have the best government that money can buy”