The team will be headed by Eric Kaplan as director of the institute’s Housing Finance Program within the Center for Financial Markets. Ted Tozer, Michael Stegman, and Phillip Swagel will serve as the group’s senior fellows.
With almost 25 years of experience in the residential mortgage industry, Kaplan was most recently a managing partner with Ranieri Strategies. He spearheaded and chairs the industry-led mortgage-backed securitization reform task force "RMBS 3.0."
"Washington has become the focal point of the post-crisis mortgage industry. But we need to look across the nation for ideas that work in the private and government sectors, and engage all stakeholders to help craft smart, practical solutions," Kaplan said. "Joining the Milken Institute is an incredible opportunity to collaborate with government and industry, and move from talking about necessary reform to making it happen the right way. I am privileged to steer such a distinguished team dedicated to restoring the housing finance system to health and paving the way for its evolution."
Tozer most recently served as president of Ginnie Mae, while Stegman was senior policy advisor for housing on the staff of the National Economic Council from 2015 to 2016. Swagel served as assistant secretary for economic policy at the Department of the Treasury from 2006 to 2009.
The group will look into reform issues related to the housing finance system, access to affordable credit, and technological innovations. They will also focus on the ideal deployment of government and private capital towards a fair and efficient housing finance system.
The team’s work will be advised by a new Housing Advisory Council, which will be made up of current and former chief executives. Milken Institute founder and Chairman Michael Milken and mortgage finance industry pioneer Lewis Ranieri will co-chair the council.
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The Milken Institute, an independent economic think tank, is gearing up efforts for housing finance reform with the launch of a policy team composed of industry veterans.