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Update on Implementation of the SS and the CSP

An Update on the Single Security Initiative and the CSP

Published: 11/13/2018

​This Update reflects the continuation of a commitment by FHFA, the Enterprises, and CSS to develop the SSI and the CSP in a transparent manner. This commitment includes the regular release by FHFA of public updates to provide information to and solicit feedback from policymakers, market participants, and the public.

The Enterprises formed a joint venture, Common Securitization Solutions (CSS), to develop and operate the CSP to support the Enterprises’ single-family mortgage securitization activities, including the issuance by both Enterprises of UMBS. FHFA has required that CSS develop the CSP to allow for the future use and integration of additional market participants. As previously reported, the Enterprises and CSS are developing the CSP in two stages: 

  • Release 1 implemented the CSP’s Data Acceptance, Issuance Support, and Bond Administration modules for Freddie Mac’s existing fixed-rate single-class securities. 
  • Release 2 will allow both Enterprises to use those modules, plus the Disclosure module, to perform activities related to their current fixed-rate, single-class securities, and multi-class securities; issue UMBS and related resecuritizations, including commingled resecuritizations; and perform activities related to the underlying loans. Both Enterprises will also use certain modules to perform activities related to securities backed by adjustable-rate loans.

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