Published:
11/25/2013
Attachments:
Download Conservatorship Progress Report – 2013
The Federal Housing Finance Agency (FHFA) issued a Progress Report today on the initiatives outlined in the Strategic Plan for the Enterprise Conservatorships and the 2013 Conservatorship Scorecard. In particular, important progress toward the building of a new secondary mortgage market infrastructure and the contracting of Fannie Mae and Freddie Mac’s dominant presence in the marketplace has been achieved.
The Progress Report details the following milestones:
- Significant progress has been made on the development and initial testing of the Common Securitization Platform (CSP); however challenges, including necessary changes to Fannie Mae’s and Freddie Mac’s technology and business processes, remain before full implementation.
- Fannie Mae and Freddie Mac have formally established Common Securitization Solutions, LLC as the joint venture that will own the CSP and related business and operational functions.
- Fannie Mae and Freddie Mac have each executed multiple risk-sharing transactions totaling more than $30 billion.
- Fannie Mae and Freddie Mac have achieved the Scorecard objective of gradually reducing the less liquid portions of their retained portfolios.
- Fannie Mae and Freddie Mac have completed review of pre-conservatorship loan acquisitions and have recovered more than $18 billion in restitution for breaches of selling representations and warranties.