SOURCE: Freddie Mac

Freddie Mac

July 08, 2015 09:30 ET

Freddie Mac, Fannie Mae and Common Securitization Solutions Create Single Security/CSP Industry Advisory Group

Advisory Group Will Provide Feedback and Share Information on Common Securitization Platform and Single Security

WASHINGTON, DC--(Marketwired - Jul 8, 2015) - Freddie Mac (OTCQB: FMCC), Fannie Mae, and Common Securitization Solutions, LLC (CSS) today jointly announced an Industry Advisory Group to provide feedback and share information on efforts to build the Common Securitization Platform (CSP) and implement the Single Security.

In addition to Freddie Mac, Fannie Mae and CSS, participants in the Industry Advisory Group will come from:

  • The Center for Responsible Lending
  • Financial Services Roundtable
  • Fixed Income Clearing Corporation
  • Mortgage Bankers Association
  • Independent Community Bankers Association
  • American Bankers Association
  • Securities Industry and Financial Markets Association
  • Structured Finance Industry Group

The Single Security is a joint initiative of Freddie Mac and Fannie Mae (the Enterprises), under the direction of the Federal Housing Finance Agency (FHFA), to develop a single mortgage-backed security that will be issued by the Enterprises to finance fixed-rate mortgage loans backed by one- to four-unit single-family properties.

The CSP is a technology and operational platform that is being developed by CSS, a joint venture of Freddie Mac and Fannie Mae. CSP will perform many of the core back office operations for the Single Security, as well as most of the Enterprises' current securitization functions for single-family mortgages, on behalf of the Enterprises. The CSP is necessary for the implementation of the Single Security.

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog