Pulte threatens build-to-order companies with GSE price curb

Federal Housing Finance Agency Director Bill Pulte has turned his attention back to using Fannie Mae and Freddie Mac to exert pressure on homebuilders.

Pulte said in a social media post that his current concern is an Evercore report that build-to-order companies have moved back away from serving first-time buyers.

"Keeping a close eye on this and will take appropriate action, as necessary, including but not limited to Fannie/Freddie's lending prices to homebuilders," he wrote in an X post.

Al Drago/Bloomberg

Pulte previously said that the FHFA would be "reviewing pricing and terms" for individual builders and their lender partners. Other builder activity Pulte has shown concern about include temporary interest-rate buydowns' potential to boost home prices, and the extent to which big builders control the market.

Builder consolidation is set to intensify given Dreamfinders' definitive agreement to buy Beazer Homes and Berkshire Hathaway's deal with Taylor Morrison. 

Pulte began moving to use the two government-sponsored enterprises to influence home construction companies last year at President Trump's direction, and has directed lenders to report on loans that finance the sale of builder homes.

The FHFA chief also has looked to expand the uses of Fannie and Freddie's loan data more broadly.

He supported greater detection of fraud through data analysis that resulted in allegations against certain officials at odds with President Trump. Pulte said the use was not targeted but part of a wider crackdown.

The FHFA director recently left a temporary role he held as director of national intelligence following the confirmation of Jay Clayton to the post on a permanent basis. Pulte cut staff and faced partisan opposition while temporarily filling that position.