Single Security and Common Securitization Platform (CSP)

The Single Security is a joint initiative between Fannie Mae and Freddie Mac (the Enterprises), under the direction of FHFA, to develop a single mortgage-backed security that will be issued by the Enterprises to finance fixed-rate mortgage loans backed by one- to four-unit single-family properties. The Enterprises will align key components of Fannie Mae’s mortgage-backed securities (MBS) and Freddie Mac's participation certificates (PCs). The goal is to bring additional liquidity and fungibility to the “To-Be-Announced” (TBA) market and to reduce or eliminate the trading disparities that exist today between the Enterprises’ TBA securities. The components of the Single Security initiative include aligning (1) key features, which will mainly follow Fannie Mae’s MBS structure; (2) investor disclosures, which will generally follow Freddie Mac’s PCs; and (3) certain policies and practices related to the removal of loans from securities. In addition, the Single Security effort will allow investors to exchange their legacy 45-day Freddie Mac Participation Certificates (PCs) for new 55-day Single Securities issued by Freddie Mac.

The CSP is a technology and operational platform that is being developed by Common Securitization Solutions, LLC, a joint venture of Fannie Mae and Freddie Mac. CSP will perform many of the core back office operations for the Single Security, as well as most of the Enterprises' current securitization functions for single-family mortgages, on behalf of the Enterprises. The CSP is necessary for the implementation of the Single Security.

Visit the Single Security and Common Securitization Platform Section of the FHFA site for the latest updates on the CSP including whitepapers, progress reports, and other documentation.

Program Updates

Visit the FHFA website for a complete list of FHFA updates related to the Single Security and the Common Securitization Platform (CSP). Below are recent publications.

Freddie Mac recently posted a presentation that explains their current thinking around their proposed Freddie Mac Legacy PC exchange process.

Frequently Asked Questions (FAQs)

In collaboration with Freddie Mac and the FHFA, these FAQs are updated periodically based on common questions received from the market.

FAQs (PDF) April 2017

Lender/Seller/Servicer and Investor Discussion Presentation

Jointly with Freddie Mac and the FHFA, the presentation deck provides an update of the Single Security initiative, including a walk-through of the Single Security model and potential impacts that market participants should consider.

Single Security Focus Group Discussions (PDF) 2017

Single Security Infographic

In coordination with FHFA and Freddie Mac, the infographic provides a one-page overview of the Single Security initiative.

Single Security Highlights (PDF) February 2017


Have a Question?

FHFA and the Enterprises are interested in market feedback on the Single Security. Please submit questions or comments here.

Submit Question