The government-sponsored enterprises Fannie Mae (OTCQB: FNMA) and Freddie Mac (OTCQB: FMCC) announced the launch of US Financial Technology LLC (US Fin Tech) as the successor to their joint venture Common Securitization Solutions (CSS).
CSS was established in 2014 to manage the issuance and servicing of Fannie Mae’s and Freddie Mac’s Uniform Mortgage-Backed Security (UMBS) and complex multi-class securitization structures.
In a joint statement, the enterprises said this action “reaffirms the company’s mission to support US Housing by ensuring liquidity, safety and soundness in the market, and positions US Fin Tech for additional opportunities to create value and introduce industry leading capabilities for its existing and future clients.” However, no specific were provided regarding how US Fin Tech would differ in scope and mission from CSS.
“We created US Fin Tech to demonstrate the incredible ingenuity of American technology under President Trump’s leadership,” said Federal Housing Finance Agency Director Bill Pulte, who is also chairman of Fannie Mae and Freddie Mac.
