Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released An Update on the Common Securitization Platform. The Update details progress made in the development of a new infrastructure for the securitization of single-family mortgages by Fannie Mae and Freddie Mac. Developing the Common Securitization Platform (CSP) is a key goal of FHFA's 2014 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac. Building and testing the CSP is a 2015 Scorecard item for both companies and for Common Securitization Solutions, LLC (CSS), a joint venture company that was established by Fannie Mae and Freddie Mac to lead the work on this project.
The Update includes details on the organizational structure of CSS and the various modules that comprise the CSP and their functions. In addition, the Update looks ahead to the anticipated announcement in 2016 of an implementation date for Release 1, the initial use of the CSP by Freddie Mac, followed by Release 2 that will enable both Freddie Mac and Fannie Mae to use the CSP to issue Single Securities. The Update also describes ongoing efforts to seek input from industry stakeholders, including formation of a Single Security/CSP Industry Advisory Group.
"Developing the CSP is a large scale, multi-faceted project," said FHFA Director Melvin L. Watt. "This Update details significant progress that has been made to date in building and testing the CSP, and toward launching a Single Security. Together, these projects will bring us much closer to the goal of improving the overall liquidity of the mortgage market. They will also reduce costs for Fannie Mae and Freddie Mac and taxpayers," Watt said.
FHFA welcomes public input on this Update from interested parties. Input can be submitted electronically via FHFA.gov, or to the Federal Housing Finance Agency, Office of Strategic Initiatives, 400 7th Street, S.W., Washington, DC 20024. All submissions received will be made public and posted to FHFA's website.
Link to An Update on the Common Securitization Platform
Contacts:
Media: Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030
Consumers: Consumer Communications or (202) 649-3811