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The Federal Housing Finance Agency (FHFA) is shifting the plan for a Common Securitization Platform (CSP) from an abstract theory to a reality.
The agency has released “An Update on Implementation of the Single Security and the Common Securitization Platform,” a report that details the efforts to migrate Fannie Mae and Freddie Mac to a CSP system. The FHFA is also setting a timeline of targeted dates for the completion of this task, and later in the year the agency will offer advance notice of at least one year for its CSP launch.
"This update reflects our ongoing commitment to transparency,” said FHFA Director Mel Watt. “It also reflects the outstanding public and industry input and support we have already received and that we look forward to continuing to have as we move toward the goal of launching the CSP. The CSP and the Single Security are ambitious projects that we are confident should improve the overall efficiency and liquidity of the mortgage market and result in tremendous savings to taxpayers."