From IMF - Wall Streeter Phillips to Play ‘Critical’ Role at Treasury on GSE Reform; GSE ‘Principles’ Coming Soon from Trump?
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Joe W
Mar 22, 2017, 1:50:08 PM3/22/17
to Fannie and Freddie Preferreds and Commons Message Board
Wall Streeter Phillips to Play ‘Critical’ Role at Treasury on GSE Reform; GSE ‘Principles’ Coming Soon from Trump?
By Paul Muolo
pmu...@imfpubs.com
Investment banker Craig Phillips – named as a top advisor to Treasury Secretary Steve Mnuchin last week – is expected to be a critical player in reforming Fannie Mae and Freddie Mac, according to industry officials tracking the GSE issue.
Since late last year, BlackRock executive Phillips has been at Treasury as a member of the Trump administration’s “landing team” there. Until recently, Phillips was a managing director of financial markets/client solutions at BlackRock and is well known in MBS circles for his early days at First Boston and then at Morgan Stanley.
“Craig knows the GSEs very well,” one former Freddie Mac official told IMFnews.
Meanwhile, Mark Calabria – recently named as chief economist to Vice President Mike Pence – caused a stir this week when he said a “set of principles” on GSE reform is likely to emerge in the coming months.
Calabria made his comments at a government relations summit sponsored by the American Bankers Association. He joined the Trump administration from the conservative Cato Institute and is no fan of the GSEs, believing that in a world where there is no Fannie or Freddie, commercial banks would step in to fill the liquidity void for the simple reason they have so much in the way of “excess reserves.”
By Paul Muolo
pmu...@imfpubs.com
Investment banker Craig Phillips – named as a top advisor to Treasury Secretary Steve Mnuchin last week – is expected to be a critical player in reforming Fannie Mae and Freddie Mac, according to industry officials tracking the GSE issue.
Since late last year, BlackRock executive Phillips has been at Treasury as a member of the Trump administration’s “landing team” there. Until recently, Phillips was a managing director of financial markets/client solutions at BlackRock and is well known in MBS circles for his early days at First Boston and then at Morgan Stanley.
“Craig knows the GSEs very well,” one former Freddie Mac official told IMFnews.
Meanwhile, Mark Calabria – recently named as chief economist to Vice President Mike Pence – caused a stir this week when he said a “set of principles” on GSE reform is likely to emerge in the coming months.
Calabria made his comments at a government relations summit sponsored by the American Bankers Association. He joined the Trump administration from the conservative Cato Institute and is no fan of the GSEs, believing that in a world where there is no Fannie or Freddie, commercial banks would step in to fill the liquidity void for the simple reason they have so much in the way of “excess reserves.”
Europegoodold
Mar 22, 2017, 2:09:16 PM3/22/17
to Fannie and Freddie Preferreds and Commons Message Board
A footnote from his biography. Craig Philipps personally was sued by the FHFA in 2011 along with Morgan Stanley:
"Defendant Craig S. Phillips ('Mr. Phillips') is an individual residing in New Canaan, Connecticut. Mr. Phillips was a Managing Director and Global Head of the Securitized
Products group at Defendant MS and transacted business in New York. He also served as President and Director at Defendant MSAC. Mr. Phillips signed two of the Shelf Registration Statements and the amendments thereto." (p.9)
https://www.fhfa.gov/SupervisionRegulation/LegalDocuments/Documents/Litigation/FHFA_v_Morgan_Stanley_Complaint.PDF
"Defendant Craig S. Phillips ('Mr. Phillips') is an individual residing in New Canaan, Connecticut. Mr. Phillips was a Managing Director and Global Head of the Securitized
Products group at Defendant MS and transacted business in New York. He also served as President and Director at Defendant MSAC. Mr. Phillips signed two of the Shelf Registration Statements and the amendments thereto." (p.9)
https://www.fhfa.gov/SupervisionRegulation/LegalDocuments/Documents/Litigation/FHFA_v_Morgan_Stanley_Complaint.PDF
Europegoodold
Jan 12, 2018, 12:23:46 PM1/12/18
to Fannie and Freddie Preferreds and Commons Message Board
"At one point earlier this year, the White House nudged Mnuchin to fire
Phillips, a Treasury counselor dealing with housing finance and
financial deregulation who acts as the de facto undersecretary. Phillips
is a former donor to Hillary Clinton’s campaign and an ex-Wall Street
executive widely seen by Republicans as insufficiently conservative.
Mnuchin declined."
From www.politico.com today
From www.politico.com today
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Europegoodold
Jan 19, 2018, 5:56:41 AM1/19/18
to Fannie and Freddie Preferreds and Commons Message Board
Actually there is no Craig Phillips
joseph s
Jan 19, 2018, 10:09:37 AM1/19/18
to Fannie and Freddie Preferreds and Commons Message Board
He runs gse stuff for TSY
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