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Fannie, Freddie Asked to Get Securitization Platform Going

nationalmortgagenews.comMarch 5, 2013

The GSE regulator has tasked Fannie Mae and Freddie Mac with building a new securitization platform that could one day serve as a public utility for the issuance of MBS.

Federal Housing Finance Agency acting director Edward Marco told a group of business economists that he wants Fannie and Freddie to build the new MBS platform. But eventually the platform would be independent of Fannie and Freddie and have its own chief executive and board of directors.

He stressed that the GSEs’ securitization infrastructure needs updating.

“Our objective, as we stated last year, is for the platform to be able to function like a market utility, as opposed to rebuilding the proprietary infrastructures” of Fannie and Freddie, DeMarco said Monday evening.

The new securitization platform would initially be owned and funded by the GSEs. But once it is established, policy makers could use it as a “foundational element” for a new mortgage finance system, the GSE regulator said.

The FHFA sought public comment on its securitization platform concept last summer. And several trade groups—including the Mortgage Bankers Association and American Bankers Association—raised objections particularly about the ownership structure.

DeMarco stressed that the new platform will be “physically located” away from Fannie and Freddie. “Importantly, we plan on instituting a formal structure for input from industry participants.”

The GSE regulator also noted in his speech that Fannie and Freddie laid the groundwork for doing credit risk-sharing transactions last year.

Now the FHFA has set a target for both Fannie and Freddie to complete $30 billion in single-family risk-sharing transactions in 2013.

Back to March 2013 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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