Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced that Release 1 of the Common Securitization Platform (CSP) was successfully implemented on November 21. This means that Freddie Mac is now using the CSP for Data Acceptance, Issuance Support, and Bond Administration activities related to current single-class, fixed-rate, mortgage-backed securities.
The implementation of Release 1 demonstrates that the system, operations, and controls of the CSP and Common Securitization Solutions (CSS), a joint venture owned by Fannie Mae and Freddie Mac (the Enterprises), are functional.
“The successful implementation of Release 1 is a significant milestone toward the ultimate goal of a common securitization platform and a single security,” said FHFA Director Melvin L. Watt.
Based on lessons learned from the successful implementation of Release 1, the Enterprises and CSS continue to review and make plans to announce the timeframe for Release 2, which involves the issuance by Freddie Mac and Fannie Mae of a common, single mortgage-backed security, to be called the Uniform Mortgage-Backed Security (UMBS). FHFA expects to announce a timeframe for implementation of Release 2 in the first quarter of next year. Release 2 will add to the functionality of Release 1 including commingling of Enterprise UMBS, multi-class securities and UMBS disclosures.
“FHFA has developed a timeline of key achievements to date and will update the timeline as milestones are reached. We remain committed to building the CSP in a transparent manner,” Watt said.
Media: Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030
Consumers: Consumer Communications or (202) 649-3811