FHFA Delays Second Phase of ‘Single Security’ Implementation Effort

The Federal Housing Finance Agency today issued an update on the common securitization platform it is developing to issue the Single Security, a mortgage-backed security to be issued by both Fannie Mae and Freddie Mac. Included in the update is a timeline of key achievements to date, as well as upcoming milestones and the targeted completion date for the second of two planned platform software releases.

FHFA successfully implemented Release 1 of its Common Securitization Platform in December, which allowed Freddie Mac to use the platform to issue its current securities. Release 2, which will allow both Fannie and Freddie to issue their own securities, as a well as Single Securities, will take place in the second quarter of 2019. FHFA chose to delay implementation — which had originally been scheduled for 2018 — in order to provide additional time for development and testing, the agency said.

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