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Single Security and the Common Securitization Platform (CSP)

The Single Security Initiative is a joint initiative of Fannie Mae and Freddie Mac (the Enterprises), under the direction of FHFA, to develop a common mortgage-backed security. The objective is to combine the separate TBA markets of the Enterprises – currently $2.4 Trillion for Fannie Mae and $1.1 Trillion for Freddie Mac – into one larger, more liquid market. The Single Security Initiative will go live on June 3, 2019. For a further overview of Single Security, check out the video.

Key Milestones and Timeline

The implementation of the Single Security Initiative is dependent on the Common Securitization Platform (CSP). 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.

To learn more about these initiatives, refer to the Frequently Asked Questions (FAQs).

View the Single Security Initiative Timeline Click to see the Single Security Timeline Graphic

Draft Single Security Offering Circulars

We are providing these preliminary draft Offering Circulars solely to help market participants adapt to the impending changes to Freddie Mac's mortgage securities programs in connection with the Single Security Initiative. The information contained in these preliminary draft Offering Circulars is not complete and may be changed. We will not sell any securities pursuant to these preliminary draft Offering Circulars. The preliminary draft Offering Circulars are not an offer to sell the applicable securities and are not soliciting an offer to buy the applicable securities in any jurisdiction where the offer or sale is not permitted. Before you invest, you should read the Offering Circulars, once available in final form, for more complete information about the applicable offerings. Once available, you will be able to obtain for free the final Offering Circulars on Freddie Mac's website, www.freddiemac.com/mbs.


This is not an offer to buy or sell any Freddie Mac securities. Offers for any given security are made only through applicable offering circulars and related supplements, which incorporate Freddie Mac’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC); all other reports Freddie Mac files with the SEC pursuant to Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act), excluding any information "furnished" to the SEC on Form 8-K; and all documents that Freddie Mac files with the SEC pursuant to Sections 13(a), 13(c) or 14 of the Exchange Act, excluding any information “furnished” to the SEC on Form 8-K.

The financial and other information contained on this page and in the documents that may be accessed on this page speaks only as of the date of those documents. The information could be out of date and no longer accurate. Freddie Mac undertakes no obligation, and disclaims any duty, to update any of the information in those documents.

These materials may contain forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, some of which are beyond the company’s control. Management’s expectations for the company’s future necessarily involve a number of assumptions, judgments and estimates, and various factors could cause actual results to differ materially from the expectations expressed in these and other forward-looking statements. These assumptions, judgments, estimates and factors are discussed in the company’s most recent Annual Report on Form10-K, and its reports on Form 10-Q and Form 8-K, which are available on the Investor Relations page of the company’s Web site at www.FreddieMac.com/investors and the SEC’s website at www.sec.gov. The company undertakes no obligation to update forward-looking statements it makes to reflect events or circumstances occurring after the date of this page.

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