Washington, D.C. – The Federal Housing Finance Agency (FHFA) issued a progress report today on steps being taken to establish a Common Securitization Infrastructure for residential mortgage-backed securities. The update reflects feedback from a broad cross-section of industry participants following FHFA’s issuance last October of a white paper entitled "Building a New Infrastructure for the Secondary Mortgage Market." The white paper sets forth a proposal for both a new securitization platform and a model contractual and disclosure framework.
The update notes progress and plans in the following areas:
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Work on the design, scope and building of a platform to perform securitization functions relating to data validation, issuance, disclosures, master servicing and bond administration is underway; a prototype has been developed.
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Alignment activities on Fannie Mae and Freddie Mac contracts and standards for agency mortgage-backed securities continue.
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The development of uniform contracts and standards for Fannie Mae and Freddie Mac credit risk transfer activities is proceeding.
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FHFA’s plan to institute a formal structure for accepting input from industry participants is moving forward.
The progress reflected in this report advances the goals in the FHFA Strategic Plan for Enterprise Conservatorships announced in February 2012. Interested parties are invited to provide written input on this report via email to SecuritizationInfrastructure@fhfa.gov or addressed to: Federal Housing Finance Agency, Office of Strategic Initiatives, 400 7th Street, S.W., Washington, D.C. 20024. Input must be received by June 30, 2013. FHFA expects to issue additional progress reports in the future.
Links to:
White Paper & Public Input Received
Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030