His experience spans residential and commercial mortgage-backed securities (RMBS and CMBS), asset-backed securities, fixed-income markets, credit analysis, valuation, regulatory policy, large financial company supervision, and complex commercial litigation.

At FHFA, Mr. Millman advised agency leadership, senior government officials, and members of Congress on housing finance, financial markets, regulatory developments, and emerging risks affecting Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. Moreover, he authored regulations, produced market research and developed strong relationships with legislative staff.

Mr. Millman led the business and financial aspects of the federal government’s largest commercial litigation, which focused on private label residential mortgage-backed securities sold to Fannie Mae and Freddie Mac. His responsibilities included advising legal teams on mortgage markets, servicing, valuation, risk management, overseeing multidisciplinary experts, and conducting financial analyses in support of litigation and settlement decisions.

He also played a key role in the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, serving as FHFA’s lead negotiator on risk-retention and qualified residential mortgage requirements. Further, he chaired a six federal agency subcommittee addressing qualified commercial real estate mortgages and contributed to the development of regulations governing RMBS, CMBS, and securities supervision.

Before joining the federal government, Mr. Millman held capital markets, structured finance, and risk management positions at E*TRADE Financial, Fannie Mae, UBS Warburg, PwC, Deutsche Bank, and Bear Stearns. His experience included managing, analyzing and structuring RMBS and asset-backed securities. Mr. Millman also developed fixed-income risk management systems.

Mr. Millman serves on the Editorial Board of the Structured Finance Journal. He earned a B.A. in Economics from the University of Chicago and completed executive training in negotiation at Harvard University.