Michael Stegman, the senior Obama Administration official working
on reform efforts for the Government-Sponsored Enterprises (GSEs), Fannie Mae
and Freddie Mac, left
the President’s National Economic Council (NEC) on March 25. Stegman also played a significant role when it came
to affordable housing initiatives. His departure represents the most recent exit
of a senior housing policy official. Ultimately, this further reduces the
likelihood of any significant action on GSE reform before the end of the year.
Stegman joined the Administration in 2012 at the Treasury Department, working on housing finance reform, and then moved to the NEC in 2015. During his tenure with both Treasury and the NEC, Stegman worked closely with NMHC/NAA and other industry groups on the various GSE reform proposals. In addition, Stegman was engaged in the ongoing lawsuits against Fannie and Freddie by private investors.
Importantly, we also worked with him on efforts to address affordable rental housing nationwide. The reason for his departure, and details on who will fill his role, have not been released.