Meet the “mini-Trump” attacking the Federal Reserve! Bill Pulte claims Fed economist Lisa Cook committed mortgage fraud. But as Pulte points fingers, his own past dealings, including a hefty super PAC donation to Trump, are raising serious ethical questions. Is this a genuine crackdown or a politically motivated hit job?
The historically independent Federal Reserve finds itself at the center of an unprecedented political storm, as former President Donald Trump escalates efforts to assert control by targeting its leadership. While the focus hasn’t been on Chair Jerome Powell, the current administration has set its sights on economist Lisa Cook, a member of the Fed’s board, accusing her of severe financial impropriety in a move orchestrated by a key ally.
At the heart of this strategy is Bill Pulte, the 37-year-old head of the Federal Housing Finance Agency (FHFA), often dubbed “mini-Trump” for his aggressive social media tactics. Pulte publicly alleged that Cook committed mortgage fraud by designating two homes as her primary residence concurrently, presenting what he claimed was proof via side-by-side screenshots of mortgage applications, emblazoned with a banner declaring “FRAUD AT THE FEDERAL RESERVE.”
Pulte’s actions represent the latest attempt to weaponize his position overseeing quasi-governmental mortgage giants Fannie Mae and Freddie Mac. He has positioned himself as a self-anointed national mortgage fraud sheriff, dedicating his efforts to exposing alleged misstatements in mortgage applications by Trump’s political adversaries, and actively urging the Justice Department to launch investigations. This relentless pursuit against figures like Cook, New York Attorney General Letitia James, and Senator Adam Schiff raises significant questions about his motives and methodologies.
However, Pulte’s fervent attacks on others invite intense scrutiny of his own past financial dealings and ethical conduct. He ascended to his influential role approximately three years after his wife, Diana Pulte, funneled $500,000 to a super PAC supporting Trump. This substantial donation was discreetly channeled through a Delaware shell company, ML Organization LLC, which Bill Pulte controlled, occurring during a critical phase of Trump’s post-presidency political resurgence.
Adding to the controversy, Pulte has not adequately addressed an FEC finding that indicated Diana Pulte had incorrectly reported the donation as originating from an LLC rather than a family member. This apparent paperwork sloppiness, involving information submitted to the federal government, ironically mirrors the very type of alleged inaccuracies that Bill Pulte now vigorously pursues against Trump’s political opponents, highlighting a potential double standard in his crusade against mortgage fraud.
The unfolding drama involving Pulte also starkly contrasts with Trump’s own documented history of financial misconduct. In 2023, a New York judge ruled that Trump himself had engaged in major mortgage fraud by inflating his real estate holdings, a case spearheaded by Attorney General James. Although an appeals court recently reduced a civil fine, the underlying finding of fraud remains, underscoring the hypocrisy of these current political attacks.
Consequently, Pulte faces increasing congressional and media scrutiny regarding his conduct at the FHFA and his qualifications for the role. Critics point to his limited housing policy experience, largely confined to his grandfather’s private construction company, with his prior work primarily focusing on private equity and trading meme stocks. His substantial wealth, estimated at $200 million and heavily tied to the real estate market through the Pulte Family Office, raises concerns about potential conflicts of interest, especially given his and Trump’s calls for lower interest rates that would benefit the real estate sector.
Senator Elizabeth Warren, a leading Democrat on the Senate Banking Committee, has vocally criticized Pulte’s singular focus on assisting Trump’s attempts to control the Federal Reserve. Warren highlighted Pulte’s disproportionate number of social media posts about Jerome Powell compared to his minimal progress on critical housing issues under his agency’s direct purview, such as affordability and homeownership access amidst a national housing crisis.
Further complicating matters, Pulte is now involved in an administration effort to sell stock in Fannie and Freddie, a move that could subject these government-owned entities to profit pressures, potentially making housing and mortgages even less affordable for average consumers. Critics also question how Pulte obtains the mortgage data he wields against political opponents, suggesting a potential unprecedented abuse of office if he uses his authority to request loan files of adversaries from the companies he oversees, despite his claims of a general crackdown on mortgage fraud with assistance from Palantir.
