AI
Thursday, March 20, 2025 3:58:51 PM
FHFA staff cuts coincide with Freddie Mac’s
return to full-time office work
Bill Pulte has quickly implemented changes since assuming control
of the FHFA and leadership of the GSEs’ boards
March 20, 2025, 1:32 pm By Chris Clow
After assuming his role as director of the Federal Housing Finance Agency
(FHFA) and installing himself as board chair for the two government-sponsored
enterprises (GSEs), Bill Pulte is reportedly moving to cut FHFA staff,
shutter some of its divisions and impose a return-to-office mandate at Freddie Mac.
According to a report from Government Executive, the FHFA this week closed
two of its departments, resulting in a workforce cut of about 10%.
These cuts include its Research and Statistics Division and its
Division of Public Interest Examination (DPIE).
On Tuesday, the dissolving of DPIE took place, and the outlet said this is likely
to lead to some of its two dozen employees losing their jobs.
“Some of the roles are protected by statute and are expected to be
placed elsewhere, employees said,” according to the report.
“DPIE was a new office that FHFA stood up last year to to provide
oversight of entities it regulates in areas such as affordable housing,
consumer protection and diversity and inclusion.”
The agency’s Office of Minority and Women Inclusion (OWMI) was
also eliminated. But since it has statutory backing, it was folded
into the agency’s existing Equal Employment Opportunity (EEO)
Office, the report explained. But EEO staff were also placed on
administrative leave on Tuesday, the report said based on
input from two employees.
“The agency has also placed some of its facilities staff on leave,
a move an employee briefed on the situation could not explain,”
the report stated.
On Wednesday, a portion of the roughly 60 workers in Research
and Statistics were brought to the building’s cafeteria and
informed they were being placed on administrative leave before
being escorted out of the building, the outlet reported.
When reached, an FHFA spokesperson told Government Executive
that leaders were “streamlining our agency” and “follow all applicable
laws, including OMWI and EEO statutes.” No further reasoning
was given for the moves.
FHFA has roughly 866 employees, with 122 housed within
its Office of the Inspector General (OIG).
“The recent administrative leave placements, which are expected
to lead to layoffs, amount to the agency shedding about 10%
of its workforce in the last 24 hours,” the report explained.
“An additional 60 employees have accepted the Trump
administration’s deferred resignation offer.”
On Wednesday, Pulte and Freddie Mac CEO Diana Reid sent
a memo to the GSE’s staff, informing them that they will be
expected to work in the office five days a week starting in
May. Compensation plans at the agency will be reviewed
in an effort to “reward key people,” according to a report
from Bloomberg.
The memo also reportedly said that Freddie was working
on implementing “a number of enhanced amenities,”
the report stated.
The move follows Pulte’s appearance on Fox News in
which he filmed an Freddie Mac office building, walking
an office floor lined with empty chairs and inactive
computer monitors.
“We were just in the other building, there was nobody
there for miles and miles and miles,” Pulte said in the
segment. He walked into a cafeteria area that he said
was “completely vacant” save for food service workers.
“You’ve got the staff who make the food here five days
a week, but the people who work in this building — or
should work in this building — aren’t here five days
a week,” Pulte said.
The Trump administration has prioritized a return to the
office for the reduced federal workforce. Immediately
following his inauguration in January, Trump issued
an executive order mandating federal workers to
return to the office full time, which was signed in concert
with a separate order mandating a freeze on federal hiring.
The GSEs are not federal agencies, and it was believed
that the order would not encompass their workers.
But the order does apply to workers at the FHFA,
the GSEs’ chief regulator.
Even with Pulte now serving as the chair of the board at both GSEs, he does not have operational authority over them. But the co-signing of the memo with Reid suggests a level of influence over the CEOs’ priorities.
return to full-time office work
Bill Pulte has quickly implemented changes since assuming control
of the FHFA and leadership of the GSEs’ boards
March 20, 2025, 1:32 pm By Chris Clow
After assuming his role as director of the Federal Housing Finance Agency
(FHFA) and installing himself as board chair for the two government-sponsored
enterprises (GSEs), Bill Pulte is reportedly moving to cut FHFA staff,
shutter some of its divisions and impose a return-to-office mandate at Freddie Mac.
According to a report from Government Executive, the FHFA this week closed
two of its departments, resulting in a workforce cut of about 10%.
These cuts include its Research and Statistics Division and its
Division of Public Interest Examination (DPIE).
On Tuesday, the dissolving of DPIE took place, and the outlet said this is likely
to lead to some of its two dozen employees losing their jobs.
“Some of the roles are protected by statute and are expected to be
placed elsewhere, employees said,” according to the report.
“DPIE was a new office that FHFA stood up last year to to provide
oversight of entities it regulates in areas such as affordable housing,
consumer protection and diversity and inclusion.”
The agency’s Office of Minority and Women Inclusion (OWMI) was
also eliminated. But since it has statutory backing, it was folded
into the agency’s existing Equal Employment Opportunity (EEO)
Office, the report explained. But EEO staff were also placed on
administrative leave on Tuesday, the report said based on
input from two employees.
“The agency has also placed some of its facilities staff on leave,
a move an employee briefed on the situation could not explain,”
the report stated.
On Wednesday, a portion of the roughly 60 workers in Research
and Statistics were brought to the building’s cafeteria and
informed they were being placed on administrative leave before
being escorted out of the building, the outlet reported.
When reached, an FHFA spokesperson told Government Executive
that leaders were “streamlining our agency” and “follow all applicable
laws, including OMWI and EEO statutes.” No further reasoning
was given for the moves.
FHFA has roughly 866 employees, with 122 housed within
its Office of the Inspector General (OIG).
“The recent administrative leave placements, which are expected
to lead to layoffs, amount to the agency shedding about 10%
of its workforce in the last 24 hours,” the report explained.
“An additional 60 employees have accepted the Trump
administration’s deferred resignation offer.”
On Wednesday, Pulte and Freddie Mac CEO Diana Reid sent
a memo to the GSE’s staff, informing them that they will be
expected to work in the office five days a week starting in
May. Compensation plans at the agency will be reviewed
in an effort to “reward key people,” according to a report
from Bloomberg.
The memo also reportedly said that Freddie was working
on implementing “a number of enhanced amenities,”
the report stated.
The move follows Pulte’s appearance on Fox News in
which he filmed an Freddie Mac office building, walking
an office floor lined with empty chairs and inactive
computer monitors.
“We were just in the other building, there was nobody
there for miles and miles and miles,” Pulte said in the
segment. He walked into a cafeteria area that he said
was “completely vacant” save for food service workers.
“You’ve got the staff who make the food here five days
a week, but the people who work in this building — or
should work in this building — aren’t here five days
a week,” Pulte said.
The Trump administration has prioritized a return to the
office for the reduced federal workforce. Immediately
following his inauguration in January, Trump issued
an executive order mandating federal workers to
return to the office full time, which was signed in concert
with a separate order mandating a freeze on federal hiring.
The GSEs are not federal agencies, and it was believed
that the order would not encompass their workers.
But the order does apply to workers at the FHFA,
the GSEs’ chief regulator.
Even with Pulte now serving as the chair of the board at both GSEs, he does not have operational authority over them. But the co-signing of the memo with Reid suggests a level of influence over the CEOs’ priorities.
