Federal prosecutors are probing yet another Trump foe, Fed Chair Jerome Powell — and like clockwork, an increasingly familiar name from a previously little-known agency is back in the headlines: top housing regulator Bill Pulte.
Why it matters: The Federal Housing Finance Agency director has been an architect of chaos in the typically more quiet role as he's set the table for investigations into some of President Trump's high-profile rivals.
- He laid the groundwork for accusations of fraud into New York Attorney General Letitia James, Sen. Adam Schiff (D-Calif.), Rep. Eric Swalwell (D-Calif.) and Fed governor Lisa Cook. All four have denied the accusations.
Context: Federal prosecutors are now investigating Federal Reserve Chair Powell over the central bank's multi-billion-dollar renovation project.
- Powell said in a rare public statement that the DOJ served the Federal Reserve with grand jury subpoenas Friday and threatened criminal charges tied to his Senate testimony last June about renovations.
The intrigue: Pulte has been putting the pressure on Powell for months, specifically urging Congress to investigate him over "political bias" and his "deceptive Senate testimony."
- He claimed Powell "lied ... before Congress" over the renovation project, arguing it met the threshold of removal "'for cause.'"
- Pulte has also echoed Trump in publicly pushing Powell to lower interest rates.
The big picture: An unlikely strongman of Trump's campaign of political combat, Pulte has emerged as an integral figure in the president's squeeze of the central bank.
- Read on for more about Pulte and his role in the administration
What Pulte has said about Powell
In a Monday interview with Fox Business' "Mornings With Maria," Pulte waved off a question about the Powell probe.
- "I'd refer you to the DOJ on that matter," he said.
- Pressed by host Maria Bartiromo, he said mortgage rates and "home buying and home building" were his priority.
But speaking to reporters Jan. 9 — the same day Powell says the subpoenas were served — Pulte said, "We do need to get rid of Jay Powell. He's a disaster."
- He continued, "what he's caused with the building is a disgrace to the Fed. The Fed has no credibility as a result of him."
- Pulte then turned his ire to Cook, who he claimed is "guilty as hell."
Flashback: Pulte has been gunning for Powell for months.
- In July, he called for Powell to resign.
- On Jan. 8, he again called on Powell to "resign, immediately."
- Two days later, Pulte predicted that "Jerome Powell will soon be gone," followed by red heart, American flag and thumbs-up emojis.
Pulte's accusations against Trump rivals
Pulte has sent a string of criminal referrals to the DOJ targeting Cook and others.
Zoom in: In his August letter to Attorney General Pam Bondi he accused Cook of falsifying "bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statutes."
- He leveled the same charge against New York Attorney General James.
Friction point: Pulte has faced heat and accusations that he is misusing his authority to make criminal referrals against Trump's political enemies.
- Rep. Swalwell, another of Pulte's targets, sued Pulte in November accusing him of abusing his position by scouring data to "concoct fanciful allegations of mortgage fraud."
- And in December, the Government Accountability Office confirmed it opened an investigation into Pulte's fraud referral practices at Senate Democrats' request.
Pulte's background and experience
Pulte was a private equity CEO before Trump tapped him to lead the Federal Housing Finance Agency.
- In 2011, he founded Pulte Capital Partners, a private equity firm targeting building products companies like roofers and window manufacturers.
- Pulte descends from housing royalty: His late grandfather, William Pulte, founded PulteGroup, one of the nation's largest homebuilders.
Zoom in: As the FHFA head, he oversees Fannie Mae and Freddie Mac, which support some 70% of the mortgage market. He'd also be key if Trump takes Fannie and Freddie public.
- Trump posted on Jan. 8 that not selling Fannie and Freddie in his first term was "a truly great decision", and now he was ordering his "Representatives" to "BUY $200 BILLION DOLLARS IN MORTGAGE BONDS."
- Pulte confirmed Fannie and Freddie would make those purchases. He told Bartiromo an IPO "is still very much on the table."
Despite leading an obscure agency, Pulte amassed a sizable following of 3 million on X, where he heaps praise on the president.
Yes, but: As Axios' Ben Berkowitz and Courtenay Brown previously reported, Pulte has at times butted heads within the administration, with Politico reporting Treasury Secretary Scott Bessent even threatened him with fisticuffs.
- He also stirred frustration for pushing Trump to pitch the idea of a 50-year mortgage, Politico and CBS News reported.
Go deeper: Trump team makes mortgage fraud its newest revenge tool
