FHFA Publishes Update on Single Security and CSP

The Federal Housing Finance Agency ("FHFA") recently released An Update on Implementation of the Single Security and the Common Securitization Platform ("CSP"). The Update details the timeline of key achievements to date and describes the expected milestones that government sponsored enterprises (“GSEs”) Fannie Mae and Freddie Mac and Common Securitization Solutions ("CSS") expect to meet to achieve the stated goals for these projects.

Specifically, the FHFA’s 18-page report lists two milestones – a.k.a. releases – that would facilitate both GSEs’ implementation of the Single Security and Common Securitization Platform for the purpose of protecting consumers. Release 1 – the first milestone – simply introduces the use of the CSP as a vehicle for enhancing liquidity. Release 1 is limited to Freddie Mac. Release 2, whereby “Data Acceptance, Issuance Support, Disclosure, and Bond Administration” is mentioned, applies to both Fannie Mae and Freddie Mac.

The FHFA’s process for testing Fannie Mae and Freddie Mac’s CSP and CSS systems is pending completion, but the agency expects to finish both GSEs’ Release stages this year.

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