Michael Stegman, who currently serves as the National Economic Council’s top housing adviser at the White House, is stepping down from that position, a Treasury spokesperson confirmed to DS News on Friday. Treasury confirmed to DS News that Stegman will be leaving the White House to briefly rejoin Treasury, where he worked for four years before joining the NEC, and his last day with Treasury will be April 8.
Treasury confirmed that Stegman was on temporary detail with the White House and that detail has ended after 10 months. Stegman joined the NEC in May 2015 after four years as the Counselor to the Secretary of the U.S. Department of Treasury for Housing Finance Policy. During his four years with Treasury, He played a key role coordinating Treasury's activities relating to the development of housing finance policy. Two areas in which his efforts were concentrated where expanding credit access for mortgages and GSE reform.
The authors of a white paper released this week titled A More Promising Road to GSE Reform contend that a government corporation titled the National Mortgage Reinsurance Corporation would replace Fannie Mae and Freddie Mac and would perform the same functions as the GSEs do currently. The corporation would purchase conforming single-family and multi-family mortgages and issue securities backing the loans—but unlike the GSEs, would be required to transfer all non-catastrophic debt risk on the securities it issues to a broad range of private entities.