Trump likens homebuilders to OPEC keeping ‘oil prices high’; calls on federal lenders to ‘restore the American dream’

United States President Donald Trump on Sunday compared America’s largest homebuilders to the Organisation of the Petroleum Exporting Countries (OPEC), accusing them of hoarding land and restricting housing supply in a manner similar to how oil producers limit output.

In a post on Truth Social, the US president said, “Before I became President, ‘OPEC’ kept Oil prices high. It wasn’t right for them to do that but, in a different form, is being done again — This time by the Big Homebuilders of our Nation.”

Trump claimed that the country’s major developers were “sitting on 2 million empty lots” despite now having access to financing, calling the practice a record and urging government-backed lenders Fannie Mae and Freddie Mac to intervene.

“They’re my friends, and they’re very important to the success of our Country, but now, they can get financing, and they have to start building Homes,” he wrote, adding that increased construction would “help restore the American Dream.”

The comments signal Trump’s growing concern over housing affordability and supply constraints, which economists have warned are fuelling inequality and dampening consumer confidence.

It was unclear exactly what action Trump expected builders or the mortgage giants to take. Trump met in August with top US bank executives to discuss his administration's plans to privatise the finance firms, which guarantee over half the nation's mortgages and have been under federal conservatorship since the 2008 financial crisis.

FICO to Directly License Credit Scores to Mortgage Resellers

Fair Isaac Corporation (FICO) will now sell credit scores directly to mortgage resellers, a move that sent shares of third-party credit bureaus plunging, Bloomberg reported.

Through a new programme, mortgage resellers will be able to calculate and distribute credit scores directly to customers, reducing their reliance on credit bureaus. This will bring more price transparency and savings for mortgage lenders, mortgage brokers and other industry participants, FICO said in a statement.

Credit scores are a key tenet of American consumer financing. Lenders use them to judge how well individuals can pay back their obligations. The three major providers of consumer credit reports in the US — Equifax, TransUnion and Experian Plc — help consumers apply for mortgages or car loans.

Federal Housing Finance Agency Director Bill Pulte said in a post on X that FICO took “a first step” in “ensuring a competitive and safe and sound market” to generate creative solutions to help consumers.

Oil Prices Latest

Oil prices rose about 1% in early trade on Monday after OPEC announced a more modest monthly increase in production than expected, tempering some concerns about supply additions.

Brent crude futures rose 63 cents, or 1%, to $65.16 a barrel by 2310 GMT, while US West Texas Intermediate crude was at $61.46, up 58 cents, or 1%.

"The price jump has primarily been boosted by OPEC 's decision for a lower-than-expected production hike next month as the group intended to buffer the recent slump in oil markets," said independent analyst Tina Teng.

"However, crude prices will likely remain weak due to the gloomy global economic outlook," she added.