Fannie Mae-No Politics (FNMA)

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Ginnie Mae nominee deflects questions over GSE reform proposal

By Hannah Lang Published

July 24 2018, 2:59pm EDT

WASHINGTON — President Trump’s nominee to head Ginnie Mae appeared to distance himself Tuesday from a 2016 paper he co-wrote on reforming the housing finance system, telling senators that he “hasn’t thought about that paper in two years.”

Michael Bright, now Ginnie Mae's acting president and CEO, drafted the paper with former Federal Housing Finance Agency acting Director Ed DeMarco when both were fellows at the Milken Institute. It proposed placing Fannie Mae and Freddie Mac in receivership, and establishing Ginnie Mae, as a standalone entity separate from the Department of Housing and Urban Development, to provide a backstop for mortgage-backed securities.