Thursday, November 13, 2014

Fannie Mae and Freddie Mac Sign Agreements to Capitalize and Operate CSS

Fannie Mae and Freddie Mac Sign Agreements to Capitalize and Operate CSS

http://www.fanniemae.com/portal/about-us/media/corporate-news/2014/6187.html

"CSS is poised to take the next steps in building a future securitization infrastructure," said Andrew Bon Salle, Fannie Mae Executive Vice President, Single-Family Underwriting, Pricing and Capital Markets. "David Applegate is a respected leader in the industry who will bring deep expertise in mortgage finance to CSS.  Fannie Mae looks forward to working with CSS, Freddie Mac and the Federal Housing Finance Agency (FHFA) to lay the foundation for a strong housing finance system for the future."

Common Securitization Solutions, LLC is a jointly owned limited liability company formed between Fannie Mae and Freddie Mac for the purpose of designing, developing, building and operating the CSP. Common Securitization Solutions is equally owned by Fannie Mae and Freddie Mac and represents an important milestone in FHFA’s goal of building a new secondary market infrastructure. The intention of the CSP is to replace certain elements of the Fannie Mae and Freddie Mac proprietary systems for securitizing mortgages and performing associated back-office and administrative functions. The FHFA's 2014 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac includes the goal of developing a single Enterprise mortgage-backed security as part of the efforts to build the CSP.

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