Federal Housing Agency prepares for major job cuts

William Pulte has been appointed as the new director of the Federal Housing Finance Agency (FHFA). He is making significant changes to the boards of Fannie Mae and Freddie Mac. Pulte removed 14 board members and appointed himself as the chairman of both companies. This move is meant to increase his control over the firms that are vital to the U.S. mortgage market, which is worth about $12 trillion. Since the 2008 financial crisis, Fannie Mae and Freddie Mac have been under government control. Observers suggest that these changes may be a way for Pulte to anticipate and manage any resistance to potential job cuts. Fannie Mae and Freddie Mac employ about 15,000 people combined. Christopher Whalen, a financial analyst, noted that Pulte is likely looking to ensure that board members will support his decisions. One of the new board members is Christopher Stanley, an executive from Elon Musk's SpaceX. Stanley is involved in initiatives focused on reducing the size of the federal workforce.