Federal Housing Director Bill Pulte draws Scrutiny over political criminal referrals

Federal Housing Finance Agency Director, Bill Pulte. [Photo by Abaca Press]

Bill Pulte, director of the Federal Housing Finance Agency (FHFA), has become the focus of congressional, legal and public scrutiny following a series of criminal referrals tied to alleged mortgage fraud involving prominent public officials who are critics of President Donald Trump.

Pulte, appointed in 2025, oversees Fannie Mae and Freddie Mac, the government-sponsored enterprises that play a central role in the U.S. mortgage market. In that capacity, he has referred several cases to the U.S. Department of Justice for potential investigation, citing concerns about mortgage-related filings and disclosures.

Among those named in the referrals are New York Attorney General Letitia James, U.S. Sen. Adam Schiff, U.S. Rep. Eric Swalwell, and Federal Reserve Governor Lisa Cook. All have been involved in investigations of or public criticism toward Trump.

The referrals have generated controversy in part because they were reportedly made outside the FHFA’s traditional oversight process. Critics say the agency’s inspector general is typically responsible for reviewing potential misconduct and coordinating any criminal referrals, and that bypassing that step raises questions about process and impartiality.

Supporters of Pulte and the administration have said the referrals reflect standard law-enforcement practice and that public officials should be held to the same legal standards as private citizens. They argue that allegations of mortgage fraud warrant review regardless of political status.

Opponents, however, have described the actions as politically motivated and unprecedented for a housing finance regulator. Several lawmakers have called for investigations into whether FHFA resources or nonpublic mortgage data were improperly accessed or used. Civil liberties advocates have also raised concerns about the potential use of federal regulatory authority to target political opponents.

At least one of the individuals named in the referrals has challenged the actions in court, alleging violations of privacy and constitutional protections. Meanwhile, oversight requests have been sent to watchdog agencies seeking clarity on FHFA’s statutory authority to initiate such referrals and the internal controls governing access to mortgage records.

The FHFA has said it is cooperating with oversight inquiries. The Department of Justice has not publicly commented on the status of specific referrals, consistent with its policy of not discussing ongoing or potential investigations.

The episode has intensified debate over the boundaries between regulatory oversight and criminal enforcement, and over the safeguards designed to insulate federal agencies from partisan influence. As inquiries proceed, the outcome may help define how far independent regulators can go when referring matters for criminal review—particularly when those matters involve elected officials and high-profile political figures.