The most pressing concern of the Federal Housing Finance Agency’s efforts to develop a post-Fannie Mae and Freddie Mac secondary mortgage market infrastructure is engineering a state-of-the-art securitization platform that could be used by either company, as well as private issuers, the agency head noted during a speech last week. Speaking at the National Association of Federal Credit Unions Congressional Caucus, FHFA Acting Director Edward DeMarco said the agency’s “immediate priority” is a single, common platform, not a single government-sponsored enterprise security. “A cornerstone of what we are seeking to build is...