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

…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

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

#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

In June, #BillPulte ordered #FannieMae & #FreddieMac to prepare a proposal for the firms to accept #cryptocurrency, another industry #Trump has boosted, as part of the criteria for buying mortgages from #banks. Last week, he persuaded Trump about the allure of a 50-year #mortgage as a way to increase home buying & building—a proposal that was widely criticized because it would drastically increase the overall price of a #loan.

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

“Lauren, the information that was provided to #FreddieMac in this email is a problem,” Malloy Evans, snr VP of #FannieMae’s single-family #mortgage division, wrote in an Oct 11 email. “That is confidential, competitive information.”

He also copied Fannie Mae’s CEO, Priscilla Almodovar, on the email, which bore the subject line: “As Per Director Pulte’s Ask.” Evans asked Fannie Mae’s top attorney “to weigh in on what, if any, steps we need to take legally to protect ourselves now.”

#law #Trump