Page 27 - The GSE Report March-April 2018

FANNIE MAE AND FREDDIE MAC MJARN.U-ARPYR.20210818
communities and certainly not in stocks, bonds or other investments. Still the most valuable asset I own is the lot I purchased in 1974 and the home I built on it in 1981 using equity from the sale of the first home I owned. The home I built is now within walking distance
of the center of Charlotte, the Charlotte Panthers football stadium, the Charlotte Hornets basketball arena, restaurants, museums and million dollar condos. I’m proud to say also that it’s located down the street from a high-rise for low-income seniors and affordable rental housing owned by the Salvation Army. So I’m a true believer that ownership and rental housing, both market rate and affordable, can peacefully coexist in the same community and that neighborhoods that are economically, racially, culturally and ethnically diverse are stronger.
The final point I want to make is this: because where we live is so basic to us and to our customers and clients and so central to our financial wellbeing, we must view the roles
we play in this industry not just as jobs. We must view our roles as critical positions of responsibility and trust. So I thank you for meeting your responsibilities professionally
and fairly, and for continuing to stand up and show up. We need each of you to remain engaged in the mortgage and housing finance industry. We need you to take advantage of opportunities, to develop your skills and to prepare yourselves for new opportunities. When we hear diverse voices contributing to the conversation, new experiences are brought to bear, new ideas emerge and new possibilities become realities. You are not ahead of your time. Your time is now. (Prepared Remarks, Melvin L. Watt, 04/13/18)
FHFA announces June 2019 emplementation of the new Uniform Mortgage-Backed Security
On June 3, 2019, Fannie Mae and Freddie Mac will start issuing a new common security, the Uniform Mortgage-Backed Security (UMBS), in place of their current offering of TBA-eligible MBS.
As part of the movement toward the rollout of the UMBS, Freddie Mac has been using CSS operations for Data Acceptance, Issuance Support, and Bond Administration activities related
to current single-class, fixed-rate, mortgage-backed securities since November 2016. CSS has been using the CSP to process about 1,000 new securities each month and performing monthly bond administration functions related to 260,000 single class securities backed by approximately 9.8 million loans. With the launch of the UMBS on June 3, 2019, Fannie Mae will join Freddie Mac in using the CSP and CSS operations for these functions. At that time, CSP and CSS operational capabilities will expand to include the administration of multi-class securities and commingled Enterprise UMBS and the production of UMBS disclosures. CSS and the CSP will then be performing bond administration functions for about 900,000 securities backed by nearly 26 million loans.
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