President Trump tried to fire Fed governor Lisa Cook this week over an allegation that she wrote two primary residences on mortgage applications. This allegation came from Federal Housing Finance Agency director Bill Pulte, a MAGA enforcer who has made similar claims about Trump antagonists Adam Schiff and Letitia James. Clearly, Pulte’s FHFA is rifling through old mortgage applications and trying to find dirt on Trump’s enemies.
Yet Pulte is pushing another practice that could lead to much more fraud and confusion in mortgage markets. He has directed mortgage giants Fannie Mae and Freddie Mac to allow crypto assets to be included in the mortgage underwriting process, introducing massive volatility into assessments of creditworthiness. This week on our live show, David Dayen and writing fellow James Baratta break down the attempt to boost crypto and how Pulte has a personal financial stake in that. They also talk about union-busting efforts at federal agencies, and the growing authoritarian tactics of Donald Trump and his allies, amid scant resistance from institutions or the opposition party.
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