navycmdr
3 hours ago
Scott, Colleagues Call on FHFA Director to End Waste, Politicization at Agency
April 04, 2025
βThe mission of strengthening the housing finance system to ensure homeownership is affordable
is too important to be subject to a partisan political agenda, as was done under the
Biden Administration,β wrote the Banking Committee Republicans.
Washington, D.C. β Chairman Tim Scott (R-S.C.) led all Banking Committee Republicans in calling
on Federal Housing Finance Agency (FHFA) Director Bill Pulte to root out government waste and
return the agency and its regulated entities to their core mission of strengthening our housing
finance system. Chairman Scott was joined on the letter by Senators Mike Crapo (R-Idaho),
Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), John Kennedy (R-La.), Bill Hagerty (R-Tenn.),
Cynthia Lummis (R-Wyo.), Katie Britt (R-Ala.), Pete Ricketts (R-Neb.), Jim Banks (R-Ind.),
Kevin Cramer (R-N.D.), Bernie Moreno (R-Ohio), and Dave McCormick (R-Pa.).
In a letter to Director Pulte, Scott and his colleagues wrote, βIn your confirmation hearing,
you promised to work to eliminate waste, fraud, and abuse wherever it exists.
I am encouraged by your dedication to that cause in your short time as Director.
According to reports, you discovered that the FHLBank of San Francisco agreed to make a
multimillion-dollar payment to a former Biden political appointee who had worked there
only for a few months as part of a separation agreement.
You also revealed that only a tiny fraction of the employees at Fannie Maeβ49 of 2900β
have been coming to the office for the full work week despite an office lease costing
tens of millions of dollars every year. These examples raise serious concerns regarding
the extent to which the Enterprises and FHLBanks are effectively stewarding their resources.β
The letter concluded,
βThe American dream will remain out of reach for so many if the agencies tasked with
serving the housing market are serving themselves. I urge you to continue identifying
waste, fraud, and abuse as well as inefficiencies at the FHFA and its regulated entities.
Please provide an update on the results of your efforts to identify waste, fraud, and
abuse and to refocus the entities within your purview. The Committee stands ready
to work with you on any statutory obstacles that may be hindering a flourishing
housing finance system.β
HappyAlways
5 hours ago
When I see something "Extreme", I know it is not going to be good. You don't like your house, will you burn it down before you build a new one ? You need to think about the whole process. Before I have a new house to live in, can I and my family survive the bad weather ?
I was a big fan of Trump. He is right in correcting the DEI, removing the wastage, etc. But that doesn't make him a king or right to fight everything at the same time. Anyway, we need to focus on Fannie and Freddie. Can he spare time to deal with Fannie and Freddie, before there is any material downfall (can be a correction) on economy ? Mid-term election will be the focus again in 10 months. I learned this lesson in Trump 1.0.
Rodney5
6 hours ago
Benjamin Graham
βImagine that in some private business you own a small share that cost you $1,000. One of your partners, named Mr. Market, is very obliging indeed. Every day he tells you what he thinks your interest is worth and furthermore offers either to buy you out or to sell you an additional interest on that basis.
Sometimes his idea of value appears plausible and justified by business developments and prospects as you know them. Often, on the other hand, Mr. Market lets his enthusiasm or his fears run away with him, and the value he proposes seems to you a little short of silly.
If you are a prudent investor or a sensible businessman, will you let Mr. Marketβs daily communication determine your view of the value of a $1,000 interest in the enterprise? Only in case you agree with him, or in case you want to trade with him.
You may be happy to sell out to him when he quotes you a ridiculously high price, and equally happy to buy from him when his price is low. But the rest of the time you will be wiser to form your own ideas of the value of your holdings, based on full reports from the company about its operations and financial position.β Benjamin Graham
The true investor is in that very position when he owns a listed common stock. He can take advantage of the daily market price or leave it alone, as dictated by his own judgment and inclination.
In short, Mr. Market is there to serve you β not to guide you.
(And the crazier Mr. Market gets, the more money you should be able to make.)