TD Cowen's Housing Blueprint Volume 44

Research evidence excerpt

TD Cowen's Housing Blueprint Volume 44

TD Cowen

Global Research June 10, 2026

View From Washington (Jaret Seiberg, Financial Policy Analyst)

▪FHFA's Pulte Named Acting Director of National Intelligence. President Trump has named FHFA Director Bill Pulte

as his acting Director of National Intelligence. The pick requires Pulte to remain FHFA director. We view this as

making recap and release of Fannie and Freddie as less likely as it is hard to see how the DNI will prioritize housing

finance reforms over national security concerns. It also lessens the probability for a cut before the midterms to

Loan Level Pricing Adjustments.

▪Will Banks Re-Enter Mortgage Lending? Federal Reserve Vice Chair Michelle Bowman told Congress last week

that the Basel 3 Endgame capital reforms may encourage banks to get more active in mortgage lending. We are

skeptical that capital changes alone will entice banks back in given lingering legal liability concerns though they

will likely help banks that already are active mortgage lenders.

▪Housing Agenda for the Next Congress. Prospects remain elevated that Democrats will win the House in

November. It is also possible – though not probable – that they could retake control of the Senate. To us,

Democrats are likely to have a more aggressive housing agenda than what we have seen from the GOP over the

last two years. This could include funds to subsidize entry-level home construction, to rehabilitate older housing,

and to train more workers in the skills needed to build a home.

▪Housing Bill Still Pending. The House passed a revised version of its housing legislation. As with prior versions, it

contains language that would boost manufactured housing, limit investor-bought single-family rentals, and

provide incentives for local zoning reforms.