Why Treasury Housing Plan Is This Month

Craig Phillips, the counselor to the Treasury secretary who was spearheading the Trump administration's move to overhaul the nation's mortgage-financing system, is leaving his position next month, the department confirmed on Thursday.

Mr. Phillips and other Treasury officials have been meeting with the biggest American banks to determine how best to raise capital for Fannie and Freddie — a prerequisite to releasing them from government control — as well as how the housing finance system might be restructured, according to two people who participated in the meetings.

"Craig has been critical in establishing a housing policy finance reform framework, and will stay until the completion of the Treasury Housing Reform Plan," a Treasury department spokesperson said in an email.