Bair, a native of Kansas, came to Washington under the wing of then-Senator Bob Dole in the early 1980s.

The longest government conservatorship in the history of the U.S. belongs to Fannie and Freddie. Both have been profitable since 2012...

At the same time, Fannie’s issuance of short-term debt nosedived, as the government-controlled mortgage giant took advantage of low interest rates...