Single Security

UI Paper Says UMBS Would Not Violate Antitrust Laws

dhollier@imfpubs.com — Fri, 10 Jul 2026 15:10:08 -0400

In a scenario that Fannie and Freddie exit conservatorship, Urban Institute analysts believe that the courts will allow the uniform MBS to persist, even though it requires coordination between the GSEs that could invite antitrust litigation.

GSE Reform Gets a Skeptical Reception

dhollier@imfpubs.com — Fri, 05 Dec 2025 13:35:22 -0500

Industry observers note that, despite its bold pronouncements about a public offering for the GSEs, the Trump administration still has not addressed the key issues that make this a risky proposition.

CSS Prepped for Non-GSE Customers

dhollier@imfpubs.com — Thu, 03 Jul 2025 12:56:13 -0400

FHFA’s efforts to monetize the securitization platform of the GSEs may provide entre to Wall Street banks and other competitors.

Schism Over Impact of GSEs’ Release From Conservatorship

dhollier@imfpubs.com — Fri, 06 Jun 2025 14:35:40 -0400

Housing finance stakeholders continue to debate whether the Trump administration can safely release Fannie and Freddie from conservatorship.

GSE Graybeards Contemplate End of Conservatorship

dhollier@imfpubs.com — Fri, 28 Mar 2025 13:55:56 -0400

Former Fannie and Freddie CEOs question the durability and utility of the uniform MBS in a post-conservatorship mortgage market.

REITs Skeptical About GSE Reform

dhollier@imfpubs.com — Fri, 14 Mar 2025 15:46:32 -0400

Executives from Annaly and Two Harbors worry that ending the conservatorships of the GSEs could fundamentally change the buyer base for their mortgage-backed securities.

Administrative GSE Reform or the Status Quo

dhollier@imfpubs.com — Fri, 28 Feb 2025 14:40:56 -0500

Would exiting conservatorship expose Fannie and Freddie to more or less risk from political meddling?

Proposed Bank Capital Rule and the GSEs

dhollier@imfpubs.com — Fri, 04 Aug 2023 14:40:24 -0400

The controversial proposed capital rule for large banks sets a 75% loss given default rate for GSE debt issued but not guaranteed by the GSEs. For the debt guaranteed by the GSEs, the LGD rate will be 25%.

FHFA Ponders Single-Family Social Bonds from the GSEs

dhollier@imfpubs.com — Fri, 17 Feb 2023 15:41:58 -0500

A new request for information asks stakeholders whether expanding social bonds from multifamily to single-family will help or hurt borrowers and investors.

FHFA Undeterred by Criticism of New Fee

dhollier@imfpubs.com — Fri, 01 Jul 2022 10:39:42 -0400

The Fannie/Freddie regulator indicated it will review the impact of the ERCF on the UMBS market, but for now won’t delay implementation of the new fee.

Fannie Wins November MBS Skirmish, GSE Market Cools

jbancroft@imfpubs.com — Fri, 10 Dec 2021 16:20:00 -0500

While Fannie and Freddie look to be reclaiming lost investor-property loan business, seller execution tactics haven’t changed much in recent months. Volume fell 14% from October. (Includes two data charts.)

Former CSS Exec Lands at HPC

dhollier@imfpubs.com — Wed, 24 Nov 2021 15:04:00 -0500

Mike Gill was part of the team brought in by former FHFA Director Mark Calabria to prepare CSS to issue securities for potential competitors of Fannie and Freddie.

CSS Adds New Members to its Board

dhollier@imfpubs.com — Fri, 08 Jan 2021 13:00:00 -0500

The two new faces on the CSS board are investment banker Dylan Glenn and securities industry veteran Lynette Kelly.

CSS Picks Susan Gueli as CTO

Fri, 18 Dec 2020 13:00:00 -0500

The former Nationwide CTO will manage the Common Securitization Platform.

FHFA Announces 2021 Deemed-Issuance Ratio

dhollier@imfpubs.com — Fri, 04 Dec 2020 15:11:00 -0500

The deemed-issuance ratio satisfies IRS guidelines for determining the amounts of Fannie and Freddie product contained in UMBS.

CSS Adds New Members to Leadership Team

dhollier@imfpubs.com — Fri, 11 Sep 2020 15:00:00 -0400

CSS has appointed Jina Hong as senior vice president and chief audit executive and Juanita Russell as senior vice president and chief financial officer.

FHFA Drops Plan for Larger, Multi-Issuer UMBS Pools

dhollier@imfpubs.com — Fri, 19 Jun 2020 11:45:00 -0400

To promote the fungibility of the uniform MBS, Fannie and Freddie will more closely align how they evaluate their seller/servicers.

Net Worth of GSEs Doubles in 4Q19

dhollier@imfpubs.com — Fri, 14 Feb 2020 15:00:00 -0500

The hiatus in the net worth sweep added $12.53 billion to the GSEs’ combined net worth over the last six months of 2019, including fourth-quarter profit of $4.27 billion at Fannie and $2.45 billion at Freddie. (Includes data chart.)

Industry Gives Thumbs Down to FHFA’s UMBS Pooling Plan

dhollier@imfpubs.com — Fri, 31 Jan 2020 14:30:00 -0500

SIFMA said the Ginnie-like market structure proposed by FHFA isn’t appropriate for conventional MBS. Moreover, the plan doesn’t address the continued misalignment of MBS issued by Fannie and Freddie.

Big Changes at Common Securitization Solutions

dhollier@imfpubs.com — Fri, 13 Dec 2019 09:48:00 -0500

Industry veteran Anthony Renzi is the new CEO.

UMBS Perform Well, FHFA Report Shows

dhollier@imfpubs.com — Fri, 13 Dec 2019 09:43:00 -0500

A new report allays concerns that a recent request for input from the regulator regarding pooling practices was an indication that something was amiss.

Former GSE CEO: Freddie Discount Is Over

dhollier@imfpubs.com — Fri, 13 Dec 2019 09:42:00 -0500

Layton notes that in the first full quarter under the new UMBS regime the Freddie discount fell to just 1 basis point, 80% off its historic average, and dramatically lower than the 10 bp gap in 1Q19.

Initial Appetite for UMBS Strong

dhollier@imfpubs.com — Fri, 09 Aug 2019 13:55:00 -0400

The successful launch of the single security — more than $9.5 trillion in UMBS has traded through the end of July — may pave the way for broader housing-finance reform, according to researchers at the Urban Institute.

Trade in UMBS Finally Begins

dhollier@imfpubs.com — Fri, 14 Jun 2019 11:01:00 -0400

The long saga of the Single Security Initiative culminates in what’s supposed to be a more liquid and efficient TBA market as Fannie and Freddie issue their first common securities over the CSP.

Getting Down to the Finer Details of the Uniform MBS

Fri, 22 Mar 2019 00:00:00 -0400

In early March, just before the Securities Industry and Financial Markets Association voted in favor of allowing the uniform mortgage-backed security for delivery in the to-be-announced market, Fannie Mae and Freddie Mac hosted a conference.

SIFMA Finally Endorses Uniform MBS

Fri, 08 Mar 2019 00:00:00 -0500

The Securities Industry and Financial Markets Association finally approved the uniform mortgage-backed security for delivery in the crucial to-be-announced market.

IRS Needs to Clarify Uniform MBS Rule

Fri, 22 Feb 2019 00:00:00 -0500

The uniform MBS is scheduled to launch in just over three months, but there is still some confusion about how it will affect investors in the to-be-announced market. Earlier this month, the Securities Industry and Financial Markets Association and the Investment Company Institute, in a joint letter, urged the Internal Revenue Service and the Treasury Department to clarify certain diversification requirements under the single security initiative.

SIFMA Still Doubtful of Uniform MBS Rollout

Fri, 11 Jan 2019 00:00:00 -0500

The Securities Industry and Financial Markets Association held a meeting last month to discuss the rollout of the uniform mortgage-backed security.