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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 68 March 2025 J O U R N A L Government NEW HUD SECRETARY OUTLINES CRITICAL ISSUES C onfirmed in early February by the U.S. Senate, new U.S. De- partment of Housing & Urban Development (HUD) Secretary Scott Turner sat down with the Wall Street Jour- nal to outline his priorities as he assumes the role of leading HUD. Among his immediate goals for the Department is the privatization of Fannie Mae and Freddie Mac (GSEs), a process he feels can be facilitated by HUD, the Treasury Department, and Congress. Turner noted HUD's role as "quar- terback" in the process, harkening back to his nine-year career with the National Football League (NFL) as a cornerback with the Washington Redskins, San Diego Chargers, and Denver Broncos. "There are partners that will be at the table, and obviously we'll be one of them," said Turner to the Wall Street Jour- nal. "When you're a quarterback, you've got to work with the entire huddle." Critics have stated that privatizing Fannie Mae and Freddie Mac could potentially drive away buyers of mort- gage-backed securities (MBS), resulting in an uptick in mortgage rates. Scott Bessent, new Treasury Secretary, said that any plan for ending the so-called conservatorship of Fannie Mae and Fred- die Mac "should be carefully designed and executed." According to a recent piece in the New York Times, "some of the most vocal proponents of putting Fannie and Freddie back in private control are hedge fund managers and wealthy investors, who still own shares of the companies even though they're government con- trolled." Setting Goals In addition to the privatization of the GSEs, Turner noted he would "launch a broad review to root out inefficiencies and streamline HUD," going over all the Department's processes with a fine- toothed comb. As President Trump takes aim at all government agencies and departments to streamline costs through return-to-office mandates, Turner will exercise the same with HUD in calling for return-to-office policies that could drive some govern- ment workers to leave, as well as by rolling back DEI initiatives. Turner, nominated in November for the role of HUD Secretary and con- firmed this past week, enters the role as the housing market struggles with home buyer affordability issues, high interest rates, and the average home value at $356,585, up 2.6% over the past year. Turner told the Wall Street Journal that he would continue to work on opportunity zones, which were touted in the previous Trump administration as a means to en- courage investment in low-income areas. In his chat with the Wall Street Jour- nal, Turner noted that the Trump admin- istration plans to allow more building on federal lands, which could include rural, urban, and tribal areas. Turner also added that he would like to change the name of HUD to better reflect its "reach," which should include rural and tribal communities—a move that would require congressional support. BESSENT NAMED ACTING CFPB DIRECTOR L ess than 48 hours after Presi- dent Donald Trump removed Rohit Chopra as Director of the Consumer Financial Protection Bureau (CFPB), Treasury Secretary Scott Bessent was named acting head of the Bureau. "I look forward to working with the CFPB to advance President Trump's agenda to lower costs for the American people and accelerate economic growth," said Secretary Bessent in a release after being named to the role. Chopra had served as CFPB Director since being appointed by President Joe Biden in 2021 for a five-year term, before being removed from his role by President Trump in February. Former hedge fund manager Bessent was confirmed as Secretary of the U.S. Department of the Treasury by a Senate vote of 68-29. "It's been an honor serving as your @CFPB Director," said Chopra on X