FHFA Issues Update on the Single Security
On May 15, the Federal Housing Finance Agency (FHFA) released an update detailing the progress that has been made on the single mortgage-backed security that would be issued by Fannie Mae or Freddie Mac.
FHFA Issues Update on the Single Security
FOR IMMEDIATE RELEASE
Washington, DC – The Federal Housing Finance Agency (FHFA) today released An Update on the Structure of the Single Security. The Update details progress that has been made on the single mortgage-backed security that would be issued by Fannie Mae or Freddie Mac. Developing the Single Security is a key goal of FHFA’s 2014 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac. Finalizing the structure of the Single Security is a 2015 Scorecard item for both companies and for Common Securitization Solutions, LLC (CSS), the joint venture between Fannie Mae and Freddie Mac that is advancing the work on this project.
The Single Security project is intended to improve the overall liquidity of Fannie Mae and Freddie Mac mortgage-backed securities, and lower costs for borrowers and taxpayers. Last year, FHFA issued a Request for Input on all aspects of a proposed structure for the Single Security. This Update contains FHFA’s decisions based on careful consideration of the responses and further dialogue with industry stakeholders. These decisions are generally consistent with the proposal set forth in the Request for Input.
“While the Single Security remains a multi-year initiative, we believe this Update represents another significant milestone we have reached in defining the structure and processes necessary to transition successfully to a Single Security,” said FHFA Director Melvin L. Watt. “Our objective is to continue to make progress on building a new securitization infrastructure for Fannie Mae and Freddie Mac that is adaptable for use by other secondary market participants in the future. FHFA therefore invites additional feedback on the decisions about the Single Security structure described in this Update,” Watt said.
Interested parties may submit additional input 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 Structure of the Single Security
Contacts: Media: Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030
Consumers: Consumer Communications or (202) 649-3811
Please click here to view the news release online.
About Safeguard
Safeguard Properties is the mortgage field services industry leader, preserving vacant and foreclosed properties across the U.S., Puerto Rico, Virgin Islands and Guam. Founded in 1990 by Robert Klein and headquartered in Cleveland, Ohio, Safeguard provides the highest quality service to our clients by leveraging innovative technologies and proactively developing industry best practices and quality control procedures. Consistent with Safeguard’s values and mission, we are an active supporter of hundreds of charitable efforts across the country. Annually, Safeguard gives back to communities in partnership with our employees, vendors and clients. We also are dedicated to working with community leaders and officials to eliminate blight and stabilize neighborhoods. Safeguard is dedicated to preserving today and protecting tomorrow. Website: www.safeguardproperties.com.
