MCLEAN, VA -- (Marketwired) -- 03/28/18 -- The following statement was released today by Freddie Mac (OTCQB: FMCC) and is attributed to David Lowman, executive vice president of Freddie Mac's Single-Family Business:
"The Federal Housing Finance Agency's (FHFA) announcement today provides market participants with important clarity on the June 2019 implementation of the new Uniform Mortgage-Backed Security (UMBS). With the first UMBS issuance in June, forward trading will likely occur in the first quarter of 2019. We encourage all participants to continue with their preparation to allow for a smooth transition. With our implementation in 2016 of the Common Securitization Platform, we paved the way for a combined Freddie Mac and Fannie Mae$3.5 trillion market of To-Be-Announced UMBS. We remain committed to working with the industry, under the direction of FHFA, to ensure the readiness of all parties involved in this complex undertaking."
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog.
MEDIA CONTACT:
Chad Wandler
703-903-2446
Chad_Wandler@FreddieMac.com
Source: Freddie Mac
