- Four senior female executives and three female board members have left Fannie Mae since January. Women now make up less than 46% of leadership, down from two-thirds in 2024.
- Bill Pulte removed the DEI officer position and shut down the ESG group.
- The Trump administration wants to privatize Fannie Mae and Freddie Mac through a potential IPO that could raise $30B.
A Leadership Overhaul Under Pulte
Bisnow reports that Bill Pulte took over the Federal Housing Finance Agency in March and quickly remade Fannie Mae’s leadership. He appointed himself chairman of the board and replaced eight directors with four new ones, shifting the board from gender parity to two-thirds male.
Between January and May, four senior women exited:
- Nancy Jardini, chief compliance and ethics officer, reportedly fired in March.
- Sharifa Anderson, chief diversity and inclusion officer, who left in May after the role was cut.
- Katie O’Connell Jones, chief human resources officer, replaced by agency veteran Dave Hofman.
- Michele Evans, head of multifamily operations, replaced by former PGIM Real Estate executive Kelly Follain.
In April, Pulte also closed the ESG group, cutting more staff tied to DEI programs.
Politics Drive The Shift
The shake-up reflects Trump administration priorities. President Trump has attacked DEI programs, while Attorney General Pam Bondi issued guidance in July restricting what diversity policies federally regulated firms can use.
At the same time, the White House is weighing a plan to release Fannie Mae and Freddie Mac from federal control. Officials have discussed an IPO that could raise $30B and value the lenders at $500B. Another option is to merge them into a single “Great American Mortgage Corp.,” an idea Pulte promoted in August.
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Why It Matters
Fannie Mae plays a central role in US housing finance, with $4.3T in assets and $178B in funding support for the mortgage market in the first half of 2025. The loss of senior compliance, ethics, and DEI leaders raises questions about governance as privatization moves forward.
Women now hold 46% of senior roles, still above industry averages, but far below Fannie Mae’s 2024 peak. The changes mark a clear break from the agency’s past focus on diversity and inclusion.
What’s Next
- Privatization push: The administration could announce an IPO or merger plan later this year.
- Leadership stability: Pulte said executive changes will slow as the agency shifts to growth and affordability.
- Industry precedent: The rollback of DEI and ESG at Fannie Mae may influence other federally linked lenders.
