Christopher Stanley, a software engineer with reported ties to the Department of Government Efficiency and companies linked to Trump ally Elon Musk, has resigned from Fannie Mae's board after a brief tenure. His departure was disclosed in a recent filing with the Securities and Exchange Commission. Courts have blocked DOGE's actions in some instances but not others.
The news comes as newly appointed director of the Federal Housing Finance Agency Bill Pulte reviews its operations, those of Fannie Mae, and another major quasi-public mortgage investor, where another departure was reportedly confirmed. FHFA and Fannie Mae declined to comment.
Craig Phillips, an industry veteran who served at the Treasury Department during the first Trump administration and joined Freddie Mac as an executive vice president early this year, has also left, according to the Washington Post. Phillips and Freddie Mac had not responded to inquiries at the time of publication.
READ MORE: FHFA's Bill Pulte shakes up agency with social media push
FHFA Director Bill Pulte told Fox News that he plans to cut costs at Fannie Mae and Freddie Mac, citing low in-office attendance among hybrid employees despite amenities like basketball courts and a cafeteria. He also stated that he will be scrutinizing the Federal Home Loan Banks, criticizing a $2.1 million severance reportedly paid to an executive at one of the institutions.
Pulte has also acknowledged that some employees at Fannie Mae and Freddie Mac are worth retaining, recently posting on X that there are "some great leaders" at the government-sponsored enterprises. "The good news for them is there is a lot of upward mobility," he said.
Pulte has kept five board members at Fannie Mae and six at Freddie Mac while naming himself chairman at both. FHFA General Counsel Clinton Jones will sit on the boards of both organizations. Jones was appointed during the first Trump administration under Mark Calabria, who was leading the FHFA at the time and is now working with the Office of Management and Budget.
Meanwhile, small lenders worry that the current focus on efficiency could revive past favoritism toward larger players with economies of scale. They are urging the FHFA to maintain a level playing field. The Community Home Lenders of America has also requested that the FHFA preserve the current status of loans that can be delivered to the enterprises through the cash window, warning against an "arbitrary reduction" in the number of seller-servicers able to access it.
"Fannie and Freddie should maintain their affordable housing footprint, including condo, investor, and second home loans — without volume caps or fee increases unrelated to risk," the group said in a new letter to the FHFA. (There was a cap in the first Trump term.)
CHLA continues to oppose Fannie Mae and Freddie Mac's plan to introduce a bi-merge credit report option alongside the current three-bureau pull. While intended as a cost-saving measure, the group argues that the operational work involved could ultimately increase expenses.
Additionally, CHLA supports expanding efforts that allow indemnification fees as an alternative to loan repurchases when minor defects are found on performing loans. The group sees this as a way to mitigate lender risk without disrupting market stability.
