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FHFA Progress Report Details Advancement on Securitization Infrastructure and Credit Risk Sharing

FOR IMMEDIATE RELEASE
11/25/2013

​Washington, D.C. – The Federal Housing Finance Agency (FHFA) issued a Progress Report today on the initiatives outlined in the Strategic Plan for the Enterprise Conservatorships and the 2013 Conservatorship Scorecard. In particular, important progress toward the building of a new secondary mortgage market infrastructure and the contracting of Fannie Mae and Freddie Mac’s dominant presence in the marketplace has been achieved.

The Progress Report details the following milestones:

  • Significant progress has been made on the development and initial testing of the Common Securitization Platform (CSP); however challenges, including necessary changes to Fannie Mae’s and Freddie Mac’s technology and business processes, remain before full implementation.

  • Fannie Mae and Freddie Mac have formally established Common Securitization Solutions, LLC as the joint venture that will own the CSP and related business and operational functions.

  • Fannie Mae and Freddie Mac have each executed multiple risk-sharing transactions totaling more than $30 billion.

  • Fannie Mae and Freddie Mac have achieved the Scorecard objective of gradually reducing the less liquid portions of their retained portfolios.

  • Fannie Mae and Freddie Mac have completed review of pre-conservatorship loan acquisitions and have recovered more than $18 billion in restitution for breaches of selling representations and warranties.

“These accomplishments represent important steps that are helping to bring stability and liquidity to the housing market while also laying the foundation for a future, post-conservatorship housing finance system,” said FHFA Acting Director Edward J. DeMarco. “Much more remains to be done and our work will continue while lawmakers decide a future course.”

Interested parties are invited to provide written input on this report via email to:

ConservatorshipStrategicPlan@fhfa.gov or addressed to: Federal Housing Finance Agency,Office of Strategic Initiatives, 400 7th Street, S.W., Washington, DC 20024. FHFA expects to issue additional progress reports on implementation of the Strategic Plan for the Enterprise Conservatorships in the future.

Link to Progress Report

Attachments:

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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.5 trillion in funding for the U.S. mortgage markets and financial institutions.

Contacts:
Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030
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