The U.S. government reopened on November 12 after Congress passed a funding bill ending the longest federal shutdown in history. The agreement, reached between Republican leaders and several moderate Democrats in the Senate, now awaits President Donald Trump’s signature. While operations are resuming, the disruption has left lasting consequences, particularly in the realm of economic data collection.
Key reports such as the October Consumer Price Index (CPI) and employment statistics may never be published, according to White House officials. These missing datasets could impair the accuracy of future economic assessments. Despite this, Federal Reserve Governor Lisa Cook stated that the central bank remains capable of making informed policy decisions.
“We are not flying blind,” Cook said in a recent address, highlighting that the Fed draws on a broad range of indicators to monitor economic conditions in real time. She reiterated that monetary policy will remain flexible and responsive, rather than following a fixed trajectory.
Meanwhile, Treasury Secretary Scott Bessent commented on the state of the housing sector, describing it as potentially陷入 a recession due to elevated mortgage costs. Although the Federal Reserve does not directly set home loan rates, its monetary policies influence them indirectly. Bessent suggested that lowering borrowing costs through policy adjustments could help stabilize the market.
On the regulatory front, the Federal Housing Finance Agency (FHFA) is moving closer to adopting FICO’s 10T credit scoring model, which, along with VantageScore 4.0, aims to expand access to credit and strengthen lending standards. Fannie Mae and Freddie Mac have already begun integrating VantageScore 4.0 into their underwriting systems.
In addition, Fannie Mae has eliminated its minimum credit score requirement—620 for single borrowers and average median scores for joint applicants—effective November 16. This change applies to new applications processed through its automated system, Desktop Underwriter.
Other proposals under review include the possibility of 50-year mortgages and portable mortgage products, both aimed at increasing homeownership accessibility.
However, the Consumer Financial Protection Bureau (CFPB) faces an uncertain future. A November 10 Justice Department filing argued that the bureau lacks a legal funding mechanism, as the Federal Reserve is currently operating at a loss and unable to transfer surplus funds. The CFPB expects to exhaust its existing resources by early 2026 if no alternative funding is established.
Staffing changes continue at FHFA, including the removal of acting inspector general Joe Allen, reportedly over concerns about agency transparency. Separately, ethics personnel at Fannie Mae were dismissed amid an investigation into how FHFA Director Bill Pulte obtained mortgage records of public officials.
— news from RealEstateNews.com
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Shutdown ends, but key economic data may be forever lost
On Nov. 12, the House of Representatives voted to end the longest-running U.S. government shutdown in history. The vote came days after Republicans struck a deal with a handful of moderate Democrats in the Senate.
The shutdown disrupted federal loan programs, lapsed National Flood Insurance Program authorization and caused consumer confidence to falter. The funding bill now heads to President Donald Trump ‘s desk for his signature.
Elsewhere in Washington, D.C., a Federal Reserve governor insists the central bank is “not flying blind” despite shutdown-related economic data delays, while Treasury Secretary Scott Bessent suggests it ‘s up to the Fed to dig the housing market out of a recession.
Meanwhile, the Federal Housing Finance Agency (FHFA) is considering a slew of changes to mortgage lending, and the Consumer Financial Protection Bureau ‘s (CFPB) days appear to be numbered.
A ‘housing recession ‘?
Bessent indicated that while the housing market may be in a recession, the Fed has the power to fix it.
Overall, the U.S. economy is “in good shape,” he said during an appearance on CNN earlier this month, “but I think that there are sectors of the economy that are in recession.”
“We ‘ve seen that the biggest hindrance for housing here are mortgage rates,” Bessent explained. “If the Fed brings down mortgage rates, then they can end this housing recession.”
The Fed doesn ‘t set mortgage rates, though its monetary policy decisions often impact how rates rise and fall. But rates didn ‘t drop when the Fed cut short-term interest rates in October because the widely anticipated cut was already priced in, economists have said.
While a third cut this year is still possible, it ‘s unclear how much it would impact rates.
Fed is ‘not flying blind ‘
In her first speech since President Donald Trump tried to fire her, Fed Governor Lisa Cook acknowledged the shutdown ‘s impact on the release of key economic data that helps guide the central bank ‘s decisions. The White House now says October ‘s missed Consumer Price Index (CPI) and jobs reports will “likely never” be released.
But “we are not flying blind,” Cook said earlier this month, noting that the Fed uses “a wide variety of data” to “continually evaluate the state of the economy in real time.”
“Looking ahead, policy is not on a predetermined path,” she said, echoing similar comments that Fed Chair Jerome Powell made last month.
FHFA considers new FICO score, ousts inspector general
FHFA Director Bill Pulte suggested the agency is “very close to a deal” to start implementing FICO ‘s 10T credit scoring model. If it goes through, the deal “would be great for consumers and the safety of the mortgage market, to have both FICO 10T Score and Vantage Score 4.0,” Pulte wrote on X.
The agency validated both credit scoring models in 2022. Fannie Mae and Freddie Mac began accepting VantageScore 4.0 credit scores over the summer.
Meanwhile, the staffing shakeups that began shortly after Pulte took control of the FHFA have continued, most recently with the ouster of FHFA ‘s acting inspector general, Joe Allen. Allen was removed amid plans to notify Congress of the agency ‘s lack of cooperation with the internal watchdog, according to Reuters.
Ethics officials at Fannie Mae were also reportedly fired last month in connection with an investigation into how Pulte obtained mortgage documents of elected officials, according to The Wall Street Journal.
Fannie Mae drops minimum credit score requirement
Mortgage applications submitted through Desktop Underwriter, Fannie Mae ‘s automated loan underwriting system, will no longer need to meet a minimum credit score requirement, HousingWire reported.
“The minimum representative credit score requirement of 620 for loan casefiles for one borrower and minimum average median credit score requirement of 620 for more than one borrower will be removed for new loan casefiles” starting Nov. 16, Fannie Mae announced.
Other mortgage lending changes could be on the horizon. Trump recently floated the idea of creating a 50-year mortgage, and Pulte said the administration is also “actively evaluating portable mortgages.”
CFBP out of options?
After months of efforts to gut the CFPB, the Trump administration has suggested that the bureau no longer has a legal source of funding.
In a Nov. 10 court filing, the Department of Justice ‘s Office of Legal Counsel wrote that the CFPB cannot continue to be funded by Fed revenue since the central bank is operating at a loss, according to Politico.
“If the Federal Reserve has no profits, it cannot transfer money to the CFPB,” the filing said. The CFBP “anticipates exhausting its currently available funds in early 2026,” the filing added.