It won’t be Federal Housing Finance Administration (FHFA) Director Bill Pulte or Treasury Secretary Scott Bessent making the decision about removing Fannie Mae and Freddie Mac from conservatorship.

That’s entirely up to President Trump, Pulte told Mortgage Bankers Association Chair Laura Escobar in a freewheeling conversation at the MBA Secondary Mortgage Marketing conference in New York on Monday.

But before Trump even broaches the question, Pulte wants Fannie and Freddie to lose weight. Pulte described needless layers of bureaucracy and paperwork that has raised the cost of housing and made Fannie Mae and Freddie Mac “obese.”

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