FHFA, the Enterprises, and Common Securitization Solutions (CSS) are developing the Single Security and the Common Securitization Platform (CSP) in a transparent manner. The development process involves regular releases by FHFA of public updates that provide information to policy makers and the public and that solicit feedback. This Update addresses three topics that stakeholders have indicated are important to the industry:

• ​Milestones that the Enterprises and CSS must achieve in order to implement the Single Security and FHFA’s expectations about when these milestones will be achieved;
  
• The final Single Security features and disclosures, including how privacy risks related to loan-level disclosures will be addressed; and
  
• How the Enterprises and FHFA review potential changes in Fannie Mae and Freddie Mac programs, policies, and practices to help ensure the continuation of the current close similarity of the prepayment rates of the Enterprises’ MBS.