When the U.S. entered the 2008 financial crisis, Jim Millstein, now the head of Millstein & Co. investment firm, was in the heat of battle.  As chief restructuring officer for the Treasury, he oversaw the revamping of American International Group.  Millstein recently sat down with HousingWire's Kerri Panchuk to discuss his plans for Fannie Mae and Freddie Mac.  Millstein points out that while many are calling for the "ritual slaughter of Fannie Mae and Freddie Mac" to bring private capital back into the marketplace, the idea is "fanciful at best."  Instead, he believes some type of government backstop will be needed to get more private capital to return before transitioning away from the GSEs.