THE LEAD
Axios (left-leaning) is reporting that Bill Pulte brought an AI image of Donald Trump as a Christ-like healer to the President's attention last weekend at Mar-a-Lago. The image included a horned demon. Trump posted it to Truth Social. On Orthodox Easter. It was deleted 42 minutes later.
I literally pondered something very similar as a funny fake news story idea. This is where things are at with housing. This is the man that oversees Fannie Mae, Freddie Mac, and $12 trillion in American mortgages.
This could be the end of Pulte. The leak is telling. Senior staffers from both sides of the aisle alluded unprompted this week that the Director could be in a tad over his head.
Here's Pulte's most notable accomplishments in 13 months in the role as FHFA Director.
March 17, 2025. Day 3. Names himself chairman of both Fannie Mae and Freddie Mac. Fires top staff. Posts about it.
April 2025. Begins accusing Trump political opponents of mortgage fraud. No charges result. Continues posting.
Early September 2025. Treasury Secretary Scott Bessent threatens to punch Pulte "in the f*cking face" at a Washington dinner party over remarks Pulte allegedly made about Bessent to the President.
October 24, 2025. Announces a formal LLPA review led by Barry Habib. The mortgage industry briefly gets excited. Horrible suggestions are made. Nothing changes.
November 8, 2025. Arrives at Mar-a-Lago with a 3-by-5 posterboard. Franklin Roosevelt under "30-Year Mortgage." Donald Trump under "50-Year Mortgage." Headline: "Great American Presidents." Ten minutes later Trump posts it to Truth Social. The White House is described by Politico as "furious." The idea is shelved. The posterboard is never seen again.
April 13, 2026. Shows the President an AI image of Trump healing the sick. The image contains a horned demon. Nobody notices. Trump posts it on Orthodox Easter. Deletes it 42 minutes later. Three advisers call Axios.
American families are getting crushed by housing costs.
Everything is fine.
CHART OF THE DAY
Please free the GSE’s into the wild so they can start acting like real companies again instead of being used as political pawns by whoever’s in The White House.
HOLY ADVOCACY BATMAN!
Man, what a week in DC.
I’ve been to a lot of conferences. MBA State and Local and National Advocacy this week was one of the better ones I’ve been to.
Here’s what makes it different.
The people. No riff raff. Just humans who actually give a damn about this industry showing up to do something about it.
You leave knowing you made a legitimate impact. You sit across from politicians and their staffs who, candidly, often know very little about housing and real estate finance …and they genuinely want to learn. Especially right now. The conference is a very rewarding experience.
The energy is just different. No vendor pitches. No territorial nonsense. No sprinting across three hotel floors every 30 minutes. Just good people with a clear purpose. Hard to explain until you’ve been in the room.
MBA runs this event really well. Do I agree with everything they say and do? Most. Not all. But net net they are so damn net positive for our industry. We need MBA. And we should all feel fortunate we have such a competent group of professionals running point for us.
LINKS THAT DON’T SUCK
THE BIG PICTURE (THURSDAYS, 3 ET)
This Week’s Guest: Jim Parrott, Urban Institute
Hosted by Chrisman Media!
Jim Parrott is a regular recurring Big Picture guest, a nonresident fellow at the Urban Institute, and co-founder of Parrott Ryan Advisors, where he advises financial institutions navigating the primary and secondary mortgage markets.
Before that he spent several years in the Obama White House as a senior adviser at the National Economic Council, leading the team that counseled the cabinet and president on housing policy during the financial crisis and the early days of GSE reform.
He is one of the most credible independent voices in housing finance policy, with deep relationships on both sides of the aisle and a track record of calling the GSE conversation correctly long before it was fashionable to have one.
Join Rob Chrisman and I next Thursday - 3 PM ET!
Upcoming guests below. Holy lineup, Batman!
Apr 23 - Jim Parrott - Urban Institute
Apr 30 - Alberto Pina - CEO, PorchPass
May 7 - MBA CMB Leadership - Melanie Coulton, Deb Jones, Tammie Gravlee
May 14 - Kevin Peranio - Chief Lending Officer, PRMG
May 21 - Kate DeKay - CEO, Eustis Mortgage
May 28 - Varun Krishna - CEO, Rocket, Interim CEO at Redfin
June 4 - OPEN
June 11 - Glenn Strong - CEO, FirstTrust Home Loans
June 18 - Kathy Kraninger - Former CFPB Director, Current President & CEO of the Florida Bankers League
June 25 - Joe DeDominicis - CEO Stockton Mortgage
July 2 - Kim Nelson - CEO, BankSouth Mortgage
MARK YOUR CALENDAR
Apr 23-25 - NFL Draft (Pittsburgh, first time since 1948)
Apr 26-28 - Texas MBA Annual Conference
Apr 27-30 - HousingWire’s “The Gathering” Conference
Apr 28-29 - FOMC Meeting / Fed Rate Decision (Powell's second-to-last as Chair)
MAY 2026
May 2 - Kentucky Derby (152nd running, Churchill Downs)
May 5 - MISMO Spring Conference (Louisville)
May 7 - Jobs Report (April)
May 14-17 - PGA Championship (Aronimink Golf Club)
May 16 - Preakness Stakes (Laurel Park, Md.)
May 17-20 - MBA Secondary and Capital Markets Conference (Marriott Marquis, NYC)
May 25 - Memorial Day (markets closed)
May 31 - Indy 500 (Indianapolis Motor Speedway)
JUNE 2026
Jun 3 - Jobs Report (May)
Jun 5 - Belmont Stakes (Saratoga Race Course) -- Triple Crown on the line
Jun 11 - FIFA World Cup kicks off (USA, Canada, Mexico -- 48 teams)
Jun 14-16 - Ohio MBA Annual Conference (Columbus OH)
Jun 15 - Father's Day
Jun 16-17 - FOMC Meeting (rate decision, press conference)
Jun 18-21 - US Open Golf (Shinnecock Hills)
Jun 19 - Juneteenth (federal holiday, markets closed)
Jun 22 - NBA Draft (approx.)
Jun 29 - Wimbledon begins
QUOTE OF THE DAY
"Washington D.C. is a city of Southern efficiency and Northern charm." - John F. Kennedy
THE OHIO MORTGAGE BANKERS ASSOCIATION (OMBA)
The OMBA Podcast Network = underrated if you like mortgage content
Reg is OPEN for our 2026 Annual Conference!
THE MORTGAGE COLLABORATIVE
Want to learn more about the benefits of membership in TMC? Reach out to Heidi Belnay at [email protected]! Or me by replying to this email!
THE CARDBOARD JUNGLE
LOADED sports card break lineup for this coming Friday! Get your sports at thecardboardjungle.com!
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Until the next one,
Swerb
[email protected]