In the wake of the financial crisis, Jim Millstein, then the chief restructuring officer for the Treasury, oversaw the restructuring of American International Group (AIG).

Now the head of his own investment firm, Millstein & Co., the former restructuring chief has a strong message for Washington, D.C., and the public: You can't just ritually slaughter Fannie Mae and Freddie Mac. Instead, he is calling for a practical solution to get more private capital back into the market and desires a gradual transition away from a GSE-dominated mortgage market.

Millstein even devised a plan to do this. He recently sat down with HousingWire's Kerri Panchuk to discuss his plans for the GSEs and the mortgage finance space.