Supporting Mortgage Backed Securities of Fannie and Freddie – RISMedia |
Matthew Feldman has been appointed interim Chairman of the Board of Common Securitization Solutions (CSS). The move will contribute to a transition to “better align the corporate governance structure with its core mission of supporting infrastructure for the issuance of mortgage-backed securities of Fannie Mae and Freddie Mac,” according to the agency. Federal Housing Finance (FHFA).
“I am honored to have been appointed by Acting Director Thompson as Chairman of the Board of Directors of CSS,” CSS President Matthew Feldman said in a statement. “I look forward to working with the Board of Directors during this transition and I am committed to ensuring that CSS is focused on supporting businesses’ mortgage securitization activities in a safe and robust manner. “
In early 2020, the FHFA sought to serve a larger market by expanding the role of CSS. But after a review period of nearly two years, the FHFA said CSS should instead focus on “maintaining the resilience” of the Fannie and Freddie mortgage-backed securities platform, allowing CSS to focus “on the security and soundness of the housing finance market and reduce unnecessary spending as companies rebuild their capital.”
Anthony Renzi will remain CSS’s CEO and board member, but several independent members who were hired as part of the expansion plan have left the board.
“I have full confidence that Matt Feldman will be vigilant in overseeing this transition and ensuring that CSS is focused first and foremost on supporting the securities platform and serving its owners, Fannie Mae and Freddie Mac. “Acting manager Sandra L. Thompson said in a statement. “I am also delighted that Tony Renzi remains as CEO given his strong leadership on CSS operations. “