Freddie Mac Opens Gold PC/Giant PC Exchange Offer to Investors
Read more about the Progess ReportLaunch of the Uniform Mortgage-Backed Security (UMBS)
Read more about the Progess ReportFreddie Mac is Ready to Issue UMBS
Read more about the GuidanceBloomberg Ticker for Freddie Mac 55-day Securities
Read moreThe 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 into one, more liquid, $3.9 Trillion market. The Single Security Initiative went live on June 3, 2019. For a further overview of Single Security, check out the video.
The Common Securitization Platform (CSP) was created to support the Single Security Initiative. CSP performs 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).
Topic | Material |
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Keynote Conversation with FHFA, the Enterprises, and CSS FHFA, along with executives from Fannie Mae, Freddie Mac, and CSS will discuss what has been accomplished to get ready for the Single Security Initiative, and key milestones to expect in the next 3 months. Speakers: Bob Ryan, Special Advisor, FHFA Mike Hutchins, EVP, Investments & Capital Markets, Freddie Mac Dave Benson, President, Fannie Mae Dave Applegate, CEO, Common Securitization Solutions |
Scenario Video |
Commingled Securities: Supers and REMICs Moderator: Jamie Miller, Senior Director, Investments & Capital Markets – Securitization, Freddie Mac Discussion of fungibility and commingling of Fannie Mae UMBS and Freddie Mac UMBS in Supers and REMICs. Speakers: Bruce Bracco, VP, Investments and Capital Markets – Multiclass Issuance, Freddie Mac Robert Mailley, VP, Capital Markets – Structured Transactions, Fannie Mae |
Scenario Video Presentation Materials |
Service Provider Update Moderator: Art Johnson, Director, Securitization Policy, Fannie Mae Representatives from the key market service providers will share their product/service updates and what the market can expect to see as forward trading begins and the SSI goes live. Speakers: Bill Burns, Director, Quantitative Analysis and Financial Engineering, ICE Data Analytics Aanchal Arora, VP, Aladdin Product Manager, BlackRock Solutions Nick Botta, Executive Director, MBS Product Management, DTCC Larry Gioia, President, eMBS Jackie Jozefek, Agency MBS Product Manager, Bloomberg Tom Marecki, Associate Director, Fixed Income Pricing, IHS Markit |
Scenario Video Presentation Materials |
Index Provider Updates Representatives from the major bond index providers will discuss changes to support the new UMBS market. Speakers: Nick Gendron, Global Head of Fixed Income Index Product Management, Bloomberg Nikki Stefanelli, Managing Director, Global Head of Fixed Income Policy, FTSE Russell Preston Peacock, Director, Index Business Development, The ICE Preetham Nanda, Executive Director, Global Index Research, JP Morgan |
Scenario Video Presentation Materials |
Gold PC Exchange Updates Freddie Mac, Tradeweb, and dealer and custodian representatives will confirm the final details of the two exchange operational paths and what investors need to do in advance to be ready. Speakers: Barbara Pak, VP, Investments & Capital Markets – Securitization, Freddie Mac Brian Devers, Director, Rates Product Development, Tradeweb Greg McDonald, Director, Global Spread Products, Citigroup Global Markets Uran Guma, VP, BlackRock Advisors Frank Malarkey, Director, Credit Suisse Chris Mutone, VP, Corporate Investment Bank, Global Custody Services, JP Morgan |
Scenario Video Presentation Materials |
The Importance of the Single Security Initiative Speakers: Craig Phillips, Counselor to the Secretary, US Department of the Treasury |
Scenario Video |
Enterprise Alignment and Security Performance FHFA will discuss their final alignment ruling and the ongoing monitoring process. Speakers: Robert Fishman, Deputy Director, Division of Conservatorship, FHFA Renee Schultz, SVP, Capital Markets, Fannie Mae Mark Hanson, SVP, Investments & Capital Markets – Securitization, Freddie Mac |
Scenario Video |
Market Transition to UMBS Moderator: Laurie Goodman, VP, Housing Finance Policy, The Urban Institute What to expect in the next 3 months, what FHFA and the Enterprises will be monitoring, market support activities/resources available. Speakers: Matt Jozoff, MBS Research Director, JP Morgan Rob Huntington, Head of Passthrough Trading, Credit Suisse Justin Monahan, Director, Agency MBS, Tradeweb Gary Kain, Director, CEO & CIO, AGNC Investment Corp |
Scenario Video |
Q&A/ Wrap Up | Q&A/ Wrap Up Video |
Topic | Material |
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The Evolution of the Common Securitization Platform and the Single Security Executives from Fannie Mae and Freddie Mac will discuss their preparations for the Single Security Initiative, and what the market needs to be doing now to get ready Speakers: David Benson, EVP and Chief Financial Officer, Fannie Mae Mike Hutchins, EVP, Investments & Capital Markets, Freddie Mac |
Session Video |
Infrastructure Update Moderator: Richard Sorkin, SVP, Securitization, Fannie Mae Representatives from critical market service providers will share their Single Security development plans and the changes the market should expect to see. Speakers: Mike Acevedo, Director of Product Management, Global Technology & Operations, Broadridge Aanchal Arora, Aladdin Product Manager, BlackRock Solutions Larry Gioia, President, eMBS Jackie Jozefek, Business Manager, Bloomberg Barry Pavel, Director, North America Client Relationships and Product Development, FTSE Russell / The Yield Book Courtney Van Fechtmann, Director, Rates Client Strategy Group, Tradeweb |
Session Video Presentation Materials |
Industry Implementation Moderator: Brent Sloman, Principal Portfolio Manager, The World Bank Investors and dealers will share what they are doing to prepare to analyze, trade, make markets, and invest in the Uniform Mortgage-Backed Security (UMBS) Speakers: Joe Bartolotta, Director and Global Head of Securitized Products Operations, Barclays Uran Guma, VP, Aladdin Platform Team, Trading, Liquidity & Investments Platform, BlackRock Advisors Frank Malarkey, Director, Global Markets Operations Change, Credit Suisse Greg McDonald, Director, Citigroup Global Markets Jason Valentino,Head of Global Structured Finance Trading & Agency RMBS, MetLife |
Session Video Presentation Materials |
Gold PC Exchange Updates Moderator: Robert Fishman, Senior Associate Director of Conservatorship, FHFA Freddie Mac speakers will discuss the Gold PC exchange process, including operational considerations for investors, dealers, and custodians. They will also share the latest accounting and tax treatment information Speakers: Mark Hanson, SVP, Securitization, Freddie Mac Tim Kviz, VP, Accounting Policy & External Financial Reporting, Freddie Mac Greg Metz, VP and Chief Tax Officer, Freddie Mac |
Session Video |
A Conversation with Treasury and FHFA Moderator: Dave Brown, VP, Global Fixed Income Business of Prudential Financial Inc., PGIM Fixed Income Hear from FHFA and Treasury department representatives Speakers: Craig Phillips, Counselor to the Secretary, U.S. Department of the Treasury Bob Ryan, Special Advisor, FHFA and Acting Deputy Director, Division of Conservatorship |
Session Video |
Industry Testing and External Milestones A discussion of critical vendor milestones and the logistics of organizing an industry tabletop testing exercise later this year Speakers: Nick Botta, Executive Director, MBS Product Management, DTCC Stephanie Milner, Director, Capital Markets & Securitization, Fannie Mae Barbara Pak, VP, Securitization Policy & Investor Relations, Freddie Mac |
Session Video Presentation Materials |
Index Provider Updates Moderator: Mark Hanson, SVP, Securitization, Freddie Mac Representatives from the major bond index providers will discuss how they plan to represent UMBS in their indices, including how Gold PC exchanges will be accounted for Speakers: Nick Gendron, Fixed Income Index Product Manager, Bloomberg Preston Peacock, Senior Research Data Analyst, ICE Data Services Nikki Stefanelli, Managing Director, FTSE Russell |
Session Video |
Pricing Updates Moderator: Stephanie Milner, Director, Capital Markets & Securitization, Fannie Mae How pricing vendors will represent UMBS in their models Speakers: Natan Druyan, Director of Structured Evaluations, ICE Data Services Brent Forsland, BVAL Product Manager, Bloomberg Don Ojo, Manager, MBS & Agency CMO Valuation, Thomson Reuters |
Session Video |
Tabletop Live Exercise Scenario Recordings
Topic | Material |
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Introduction: Welcome and Agenda Review Ravi Shankar, SVP, Investments & Capital Markets, Freddie Mac |
Scenario Video |
Scenario 1 & 2: UMBS Trade / Dollar Roll & Index Updates Mark Hanson, SVP, Securitization, Freddie Mac Stephanie Milner, Director, Capital Markets & Securitization, Fannie Mae Participation from: Bloomberg, eMBS, IHS Markit, Tradeweb/Dealerweb, Charles River, Blackrock Solutions, the ICE, Thomson Reuters |
Scenario Video |
Scenario 3: Dealer-Facilitated Gold PC Exchange Barbara Pak, VP, Securitization & Investor Relations, Freddie Mac Participation from: Freddie Mac Dealer Direct, Broadridge, Blackrock Solutions, Custodian Banks |
Scenario Video |
Scenario 4: Direct-to-Freddie Gold PC Exchange MR Stainton, Consultant, Freddie Mac Participation from: Tradeweb, OMS Vendors |
Scenario Video |
Scenario 5: Commingled Issuance Stephanie Milner, Director, Capital Markets & Securitization, Freddie Mac Participation from: Bloomberg, eMBS |
Scenario Video |
Closing: Wrap Up and Close Ravi Shankar, SVP, Investments & Capital Markets, Freddie Mac |
Scenario Video |
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