New FHFA chief shakes up Fannie Mae, Freddie Mac’s boards

Newly confirmed FHFA Director Bill Pulte has swiftly reshaped Fannie Mae and Freddie Mac’s boards, removing several board members and appointing new ones, including himself.

Both boards now list Pulte as chair and FHFA General Counsel Clinton Jones as a member, according to securities filings. Fannie also is adding Christopher Stanley and Michael Stucky to its board. New members at Freddie include Brandon Hamara and Ralph “Cody” Kittle.

The shakeup is in line with a series of moves the Trump administration has been making with the stated aim of streamlining the public sector, including housing reforms that could result in cutting government ties the two influential mortgage buyers have had since Sept. 6., 2008.

Pulte is emerging as one of the most vocal and visible appointees in the Trump administration. As part of the administration’s broader push to bring federal employees back to the office, he appeared on Laura Ingraham’s Fox News program Monday night, stating that, on average, only 49 of Fannie Mae’s 2,900 employees work in the office full-time. He added that Freddie Mac faces a similar issue and vowed, ‘We’re going to fix it.'”

FHFA pulled eight members off the Fannie Mae board and six from Freddie Mac, according to securities filings. Current board members will remain in place until the next annual election until they resign or FHFA replaces them.

Board committee assignments and reviews of new members related to whether they have transactions or relationships that need to be disclosed under securities filing rules were pending a deadline.

Those removed from Fannie Mae’s board of directors:
Amy Alving, Christopher Brummer, Michael Heid, Simon Johnson, Diane Lye, Diane Nordin, Chetlur Ragavan and Michael Seelig

Those remaining on Fannie Mae’s board of directors:Fannie Mae CEO Priscilla Almodovar, Renée Lewis Glover, Karin Kimbrough, Manuel Sánchez Rodríguez and Scott D. Stowell

Departing Freddie Mac board of directors:
Kevin Chavers, Lance Drummond, Luke Hayden, Allan Merrill, Jane E. Prokop and Roy Swan

Remaining on Freddie Mac’s board:Freddie Mac CEO Diana Reid, Mark Bloom, Kathleen Casey, Aleem Gilani, Christopher Herbert and Grace Huebscher