U.S. Treasury Supports the Single Security
June 20, 2018
Craig Phillips, U.S.Treasury Counselor to the Secretary, expressed “unambiguous support” for the Single Security. At the Single Security conference in New York on May 14, 2018, he said:
“We want to see this to come to fruition. This is exactly the right step to be doing. It’s a huge transformation that is necessary, regardless of the trading protocols of securities --- to create a sounder, more sustainable housing system.”
The Treasury official emphasized that it’s now up to the private sector to take the next steps to get successfully to the June 3, 2019 Single Security go-live date.
”Housing reform is a very high priority of the administration,” Phillips added. “What can be accomplished with the CSP (Common Securities Platform) and the Uniform Mortgage Backed Security (UMBS℠) is a solid step that is reform-agnostic. We can move forward without boxing in any option.”
Bob Ryan, acting deputy director at the Federal Housing Finance Agency, reiterated the agency’s commitment to the June 3, 2019 go-live date. “We’re laser-focused. Freddie Mac, Fannie Mae and Common Securitization Solutions are on target to hit that date. This is why we are investing a huge amount of time--to provide the information necessary to get you in a position to implement in 12 months.”
You can view the entire session with Phillips and Ryan, which includes a Q&A on a variety of policy and implementation topics.
You can also view the other conference sessions through our Single Security web page. The videos are listed under the Single Security Conference Materials tab.
For More Information
- Single Security Initiative Adoption Playbook
- Single Security: What does it mean for Seller/Servicers
- Freddie Mac Single Security web page
- Subscribe to Single Security updates