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Federal Housing Finance Agency Acting Director Edward DeMarco outlined two strategies on Thursday to help draw private capital into the housing market to replace Fannie Mae and Freddie Mac.
May 9 -
Edward DeMarco, acting director of the Federal Housing Finance Agency, all but begged lawmakers on Tuesday to begin the process of reforming the nation's housing finance system, saying Fannie Mae and Freddie Mac have been in conservatorship for far too long.
March 19 -
FHFA Director Ed DeMarco is planning to create a joint securitization platform by Fannie and Freddie, a significant step toward winding down the mortgage giants. We offer frequently asked questions on what it means for the industry and the future of housing finance reform.
March 5
WASHINGTON Fannie Mae and Freddie Mac filed paperwork Monday to merge the two companies' securitization platforms into a single unit, according to the Federal Housing Finance Agency.
The mortgage giants filed a certificate of formation with the Secretary of State of Delaware to create a new entity called Common Securitization Solutions LLC. The joint venture will be an equally-owned subsidiary of Fannie and Freddie.
The filing is a "significant milestone toward accomplishing the goal of building a new secondary mortgage market infrastructure," said Edward DeMarco, the FHFA's acting director.
In March, DeMarco announced plans to establish a new joint business entity when he delivered a status update on the FHFA's work. At the time, DeMarco said the joint organization would essentially combine the government-sponsored enterprises' back-office activity into one entity that will issue securities, provide disclosures, pay investors and disseminate data.
The agency said the new venture will be based in Bethesda, Md., and an executive recruitment firm has been retained to fill the positions of chief executive and a board of managers.
