Major Milestone For Joint Fannie/Freddie MBS

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Posted To: MND NewsWire

Freddie Mac just announced that it has implemented Release 1, utilizing the Common Securitization Platform (CSP) . The Release was launched on November 21 and enables Freddie Mac to transfer certain securities operations for its Gold participation certificates (PCs) and Giant PCs to the CSP and to Common Securitization Solutions, LLC (CSS) which operates CSP. Release 1 will pave the way for Release 2 , in which a Freddie Mac and Fannie Mae will develop a single mortgage-backed security they will issue to finance fixed-rate mortgage loans backed by one- to four-unit single-family properties. This is known as the Single Security Initiative (SSI), and the new issue as Uniform Mortgages-Baked Securities (UMBS) to be guaranteed by either of the government-sponsored enterprises (GSEs). The resulting…(read more)

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