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Investments

President’s top housing advisor Michael Stegman leaves office

Last day March 25

Top White House advisor on housing policy, Michael Stegman, is leaving his position as of March 25, sources confirmed to HousingWire.

At the end of May last year, Stegman joined the National Economic Council as its top housing official, where he was the White House’s top advisor on housing policy.

The reason why he left, along with who will fill position, were not released.

While Stegman was known for playing a large role in affordable housing, his name has also come up quite a bit in regards to ending the conservatorship of Fannie Mae and Freddie Mac.

During Mortgage Bankers Association’s Annual Convention and Expo in San Diego, California, in October of last year, Stegman said that the administration is not in favor of returning Fannie and Freddie to their pre-bailout status, despite growing calls to release the GSEs.

“You should be aware that last week the administration made clear its opposition to taking any action in support of what has become known as ‘recap and release,’” Stegman said at the time

“We believe that recapitalizing the GSEs with taxpayer funds and administratively or legislatively releasing them from conservatorship with a business model that conflicts with their public mission – in essence turning back the clock to the run up to the crisis – would be both bad policy and poor stewardship of the taxpayers’ interest; willfully recreating the very system that helped do this nation so much harm,” Stegman continued.

News on the GSEs conservatorship is still developing.

Most recently, a decision by the 9th Circuit Court of Appeals could have big implications for a Delaware case where plaintiffs are arguing that Fannie Mae and Freddie Mac are Delaware corporations and therefore are subject to state, not federal law.

As for what his departure means for the conservatorship of Fannie Mae and Freddie Mac is still unclear. 

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