The Federal Housing Finance Agency (FHFA) announced a new joint venture between Fannie Mae and Freddie Mac last week.
FHFA says it filed a Certificate of Formation with the Secretary of State of Delaware, establishing Common Securitization Solutions LLC (CSS) as a limited liability company. The move establishes CSS as a legally recognized entity and marks an important step in creating a joint venture – an equally owned subsidiary of Fannie Mae and Freddie Mac.
“The filing of the Certificate of Formation represents a significant milestone toward accomplishing the goal of building a new secondary mortgage market infrastructure,” says FHFA Acting Director Edward J. DeMarco.
FHFA also announced that it signed a lease for commercial office space for CSS, which Fannie Mae and Freddie Mac authorized. The office space is located in Bethesda, Maryland and the lease is for a three-year term.
In addition, FHFA has retained an executive recruitment firm to identify candidates for the positions of Chief Executive Officer and Chairman of the Board of Managers of CSS. Identification and interviewing of candidates is currently underway.
In a March speech, Acting Director DeMarco announced that the formation of a new joint business entity – to be located separately from Fannie Mae and Freddie Mac and headed by a CEO and Chairman of the Board of Managers – was one of the goals FHFA expected to achieve in 2013.
© 2013 Florida Realtors®
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