WASHINGTON—Treasury Department Counselor Craig Phillips is expected to leave the department next month, according to a report from Politico.
“Phillips' departure comes as a surprise since he was widely seen as playing a central role in the administration's effort to end government control of Fannie Mae and Freddie Mac, the mortgage-financing giants that were seized on the verge of collapse during the housing crisis. Treasury is expected to release a blueprint for reform as early as next month,” Politico said.
“In addition to managing the extensive domestic finance portfolio, Craig led the Department’s efforts that produced significant financial regulatory reform." a Treasury Department spokesperson said in a statement. "Craig has been critical in establishing a housing policy finance reform framework, and will stay until the completion of the Treasury Housing Reform Plan.”
Phillips spoke publicly about that plan last week, just hours before news broke of his departure, saying of the mortgage-finance system, "the current state is the worst possible state."