first_imgHome / Daily Dose / Freddie Mac On Track to Single Security Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Kristina Brewer is the Editorial Assistant of Publications for the Five Star Institute, including DS News and MReport magazine. She is a graduate of the University of North Texas (UNT), where she received her Bachelor of Arts in English with a concentration in rhetoric and writing and a minor in global marketing. During this time, she served as Director of Philanthropy in the national women’s fraternity Zeta Tau Alpha, of which she is an alumna. Her passion for philanthropy continued after university when she was an intern at Keep Denton Beautiful, a local partner of Keep America Beautiful, where she drove membership, organized events, and led social media campaigns. Brewer honed her writing at the North Texas Daily, UNT’s student-run newspaper where she wrote about faculty, mentorship, and student life. Brewer also previously worked at Optimus Business Plans where she helped start-ups create funding proposals, risk assessments, and management plans. August 2, 2018 2,065 Views In an effort to provide more liquidity and lower costs for borrowers, Freddie Mac has announced that it will begin issuing new 55-day “mirror” mortgage-backed securities. These securities will be available for the current population of exchange-eligible 45-day Freddie Mac Gold Participation Certificates (PCs) and Giant PCs to facilitate the implementation of the Single Security Initiative on June 3, 2019, according to the press release.“We believe the early issuance of mirror securities will enable market participants to both analyze their holdings and build in pricing and disclosure in advance of the official exchange offer next May,” said Mark Hanson, SVP of securitization at Freddie Mac. “This is an important step toward the implementation of the Single Security Initiative in June 2019, paving the way for a combined Freddie Mac and Fannie Mae $3.5 trillion market of a To-Be-Announced Uniform Mortgage-Backed Security. The Single Security Initiative is intended to strengthen the U.S. mortgage market by providing more liquidity and lowering costs for borrowers.”The initial issuance of these mirror securities are expected to begin on August 7 and will take approximately 8 weeks. Mirror security disclosures will be available on August 10, 2018. The organization anticipates over 70,000 mirror securities to be issued in this period, corresponding to the population of exchange-eligible PCs and Giants. Freddie Mac will continue to issue mirror securities as new exchange-eligible 45-day securities are produced, the statement said.All the mirror securities will be held in a Freddie Mac account at the Federal Reserve until the organization commences the exchange offer in May 2019. Investors will then be able to exchange eligible 45-day PCs and Giants for corresponding 55-day mirror mortgage-backed securities on a one-for-one basis. Gold PC and Giant holders are expected to be able to choose between two alternative exchange paths: one facilitated by a dealer using Freddie Mac’s Dealer DirectSM portal or directly with Freddie Mac. The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago 2018-08-02 Kristina Brewer Freddie Mac On Track to Single Security About Author: Kristina Brewer Share Save Previous: Court of Appeals Addresses Debt Collector License Requirements Next: The Industry Pulse: Update on Stern & Eisenberg, New Diligence Advisors, and More Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Headlines, Investment, Journal, News Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more