The Heavy Lift to Implement GSE Reform-Recap-Release: Market-Improving Reforms (Part 4 of 4)
The Stoop (NYU Furman Center)
MAY 29, 2025
” In June 2019, F&F introduced the “single security,” formally known as the uniform mortgage-backed security (UMBS), after many years of development. The FHFA mandates that F&F use a very specific waterfall developed under its leadership within conservatorship. [17] The “single security.”
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