Brief Ironing Out the Wrinkles of the Single Security
Laurie Goodman, Jim Parrott, Bob Ryan
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In this brief, the authors assess the move by Fannie Mae and Freddie Mac to a single security, called the Uniform Mortgage-Backed Security (UMBS). After discussing the purpose of the single security, the authors review its success to date, the challenges that remain, and a recent proposal by the Federal Housing Finance Agency (FHFA) to address those challenges. The authors also offer thoughts on how the FHFA might use a more market-oriented approach to address the challenges more effectively.
Research Areas Wealth and financial well-being Housing finance
Tags Housing and the economy Housing finance reform Homeownership Nonagency securitization Financial products and services Opportunity and ownership
Policy Centers Housing Finance Policy Center