With President-elect Donald Trump’s return to the White House, proposals have surfaced to take Fannie Mae and Freddie Mac out of conservatorship – where they’ve been since September 2008 – and privatize them. Privatizing these government-sponsored enterprises (GSEs), if pursued, would be a massive and complex project that would take multiple years and likely require coordination among all three branches of government. While privatization has significant risks and unclear political or economic upside relative to the status quo, it is certainly possible, and there is a good chance parts of it will be attempted at some point by the incoming administration, which might be a catalyst for sporadic volatility in the Agency mortgage-backed securities market.
Mr. Patel joined DoubleLine in 2016 as a Mortgage Trader specializing in Agency RMBS and was later promoted to Portfolio Manager in 2021. Prior to DoubleLine, he worked as a Managing Director responsible for CMO and specified pool trading at Cantor Fitzgerald. Previous to Cantor, Mr. Patel worked as a CMO, ARMs and Specified Pool Trader and Deal Structurer at Morgan Stanley, BNP Paribas and RBS Greenwich Capital. He holds a BA in Economics from Cornell University and is a CFA® charterholder.
Mr. Shvartser joined DoubleLine in 2020 as an Analyst on the Agency RMBS Team. Prior to DoubleLine, he was with TCW as a Senior Vice President, Investment Analytics. Previous to TCW, Mr. Shvartser was a Quantitative Analyst, focused on portfolio and risk management infrastructure at ICE Canyon. Prior to ICE Canyon, he was Vice President at BlackRock in the Financial Modeling Group, focused on quantitative corporate credit and commercial mortgage backed securities modeling. Mr. Shvartser holds a BS in Electrical Engineering from California Institute of Technology and a MS in Mathematics in Finance from New York University.
