The Senate confirmed private equity executive Bill Pulte as director of the Federal Housing Finance Agency (FHFA) on Thursday by a vote of 56-43. Pulte succeeds Biden administration appointee Sandra L. Thompson as head of the agency, which oversees government-sponsored mortgage companies Fannie Mae and Freddie Mac.

The most pressing question surrounding Pulte’s confirmation was his stance on the FHFA’s conservatorship of Fannie Mae and Freddie Mac, which collectively back most U.S. mortgages.

In response to written questions from Sen. Elizabeth Warren, D-Mass., the ranking member of the Senate Banking, Housing, and Urban Affairs Committee, Pulte offered few specifics. He did, however, state that the conservatorships “should not be indefinite.”

“Any exit from conservatorship must be carefully planned to ensure the safety and soundness of the housing market without putting upward pressures on mortgage rates,” Pulte wrote in a statement.

Pulte added that the decision of whether to release Fannie Mae and Freddie Mac from conservatorship would involve input from President Donald Trump and Treasury Secretary Scott Bessent.

The incoming FHFA head is the founder of private equity firm Pulte Capital Partners. He is the grandson of William J. Pulte, founder of home construction giant PulteGroup.