Businessman and philanthropist Bill Pulte, who founded the Detroit Blight Authority and whose family has long been connected with southeast Michigan, was confirmed by the U.S. Senate on Thursday to lead the Federal Housing Finance Agency for the Trump administration.

Bill Pulte was confirmed as director of the Federal Housing Finance Agency after a majority of the Senate backed him to lead an agency that plays a key role in the US housing market through its oversight of Fannie Mae and Freddie Mac.

Pulte talked about pulling the GSEs out of conservatorship and vowed to fix underperformance of Fannie and Freddie "effective immediately!"

The founder of the Detroit Blight Authority sees his nomination to head the Federal Housing Finance Agency advance toward a confirmation vote.

The Senate has confirmed Bill Pulte as the director of the Federal Housing Finance Agency by a vote of 56-43. This appointment positions Pulte at the forefront of a contentious debate over the future of Fannie Mae and Freddie Mac.

Three Democratic senators joined Republican colleagues to confirm the businessman, who previously voiced his support for easing government regulations.

The Senate voted 56-43 to confirm Bill Pulte, a businessman with ties to Michigan, to serve as director of the Federal Housing Finance Agency.