The U.S. regulator which oversees Fannie Mae / Federal National Mortgage Association (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) reports today that it has filed a document to create a new common securitization platform. The Federal Housing Finance Agency (FHFA) made the announcement via a press release on its website.
Certificate of Formation filed
According to the agency, it has filed a Certificate of Formation with Delaware’s Secretary of State. The certificate establishes the new firm Common Securitization Solutions, LLC (CSS), making it a limited liability company. The filing of the document makes the firm a legally recognized company and is the first step in creating the joint venture which will be an equally-owned subsidiary of Fannie Mae / Federal National Mortgage Association (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC).
“The filing of the Certificate of Formation represents a significant milestone toward accomplishing the goal of building a new secondary mortgage market infrastructure,” said FHFA Acting Director Edward J. DeMarco in a statement. “We are pleased with the progress being made and look forward to further developments.”
Lease for CSS signed, executives sought
The FHFA reported today also that it has identified an office space for CSS. It said officials from both Fannie Mae / Federal National Mortgage Association (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) have signed a lease for the commercial space. The office space is located in Bethesda, Md., and the lease is for a three-year term.
The agency also said it has retained an executive recruitment firm to help it identify CEO and board chairman candidates for CSS. Currently they are identifying and interviewing candidates for those positions.
Fannie Mae, Freddie Mac pass 2.9 million foreclosure prevention actions
Also today, the FHFA reported that Fannie Mae / Federal National Mortgage Association (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) have now completed more than 2.9 million foreclosure prevention actions since conservatorship began in 2008. The actions have helped about 2.4 million borrowers stay in their homes.
