Bill Pulte's dual appointment as acting DNI rattles GSE investors and draws rare bipartisan fire from Senate Republicans
The Federal Housing Finance Agency director's surprise appointment as acting director of National Intelligence has sent Fannie Mae and Freddie Mac shares lower and drawn criticism from Senate Republicans and Democrats alike, casting a fresh shadow over the future of government-sponsored enterprise (GSE) reform.
President Donald Trump announced Tuesday that Bill Pulte, who oversees Fannie Mae and Freddie Mac through his role at the FHFA and serves as chairman of both mortgage giants, would assume the acting DNI role while remaining in all three positions.
The decision came as Tulsi Gabbard's resignation, effective June 30, 2026, created a vacancy at the top of the nation's intelligence apparatus.
Shares in both GSEs slid on the news, with Fannie Mae falling close to 5% to approximately $7.06 midafternoon Tuesday and Freddie Mac dropping from $6.47 to around $6.18.
Federal Housing Finance Agency (FHFA) head Bill Pulte has been named acting director of national intelligence by President Trump and is set to take over from the resigning Tulsi Gabbard.https://t.co/lvHGiSX529
— Mortgage Professional America Magazine (@MPAMagazineUS) June 2, 2026
Analysts flag privatization risk
Wall Street's response was notably cautious. Jaret Seiberg, an analyst at TD Cowen, wrote Tuesday that "we do not see how one could surmount those obstacles if the FHFA director is devoting most of his time to national security issues."
Analysts at Keefe, Bruyette & Woods noted that a formal Pulte departure from the FHFA could, paradoxically, serve as a positive signal for privatization.
They also cautioned that the agency has yet to take meaningful steps toward advancing that process, including revisiting the capital rule introduced under former FHFA director Mark Calabria.
Pulte's portfolios at Fannie and Freddie have grown to $7.8 trillion under his watch. The stakes of that oversight for the broader mortgage market are well understood by brokers and originators, who depend on the GSEs to underpin the conventional mortgage market.
Read more: Fannie Mae, Freddie Mac - why a US government guarantee matters for mortgages
Bipartisan Senate alarm
The pushback on Capitol Hill has been unusually broad. Republican sen. Thom Tillis of North Carolina told CNBC's Squawk Box Wednesday that he believes Pulte has "no prayer" of clearing a Senate confirmation vote.
"I don't believe he's ever had a security clearance. He clearly has no experience in intelligence, he has no geopolitical experience, no international connections," Tillis said.
Sen. Bill Cassidy, R-La., was equally direct at CNBC's CEO Council Summit, saying "nothing here suggests he's competent in the job for which he's been appointed."
Senate majority leader John Thune, R-S.D., was more measured but pointed, telling reporters at the Capitol: "We don't need a weaponized DNI, we need professionals there."
Read more: Watchdog opens investigation into FHFA’s Pulte
Democrats moved to the offensive. Senate Intelligence Committee vice chairman Mark Warner, D-Va., said Trump chose an official who has demonstrated "not just willingness but eagerness to use the authorities of government to pursue political retribution."
The reference was to Pulte's use of FHFA mortgage records to file criminal referrals against Democratic oficials including New York attorney general Letitia James and Federal Reserve governor Lisa Cook.
Trump defended the pick on Truth Social, citing Pulte's oversight of what he described as "over 10 Trillion Dollars at Fannie Mae/Freddie Mac."
Pulte can serve in the acting capacity for up to 210 days without Senate confirmation.
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