Fannie Mae-No Politics (FNMA)

[obiterdictum]

Fannie Names Former Barclays Executive to Head Common Securitization Platform

By Paul Muolo
Inside Mortgage Finance News
September 17, 2013

Fannie Mae has hired James Kittridge, a former executive from Barclays, to manage its participation in the fledgling common securitization platform project with Freddie Mac.

The GSE disclosed the new hire in an interview with Inside Mortgage Finance. Kittridge started on Monday. He will report to Terry Edwards, who late last week was promoted to the position of chief operating officer.

Kittridge will carry the title of senior vice president of CSP integration.

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NOTE: It seems that the board does realize that there is no merger of Fannie and Freddie or of its bond department. A entirely new firm is being created, a plan put into action last year. The news reporters as usual have little idea of what they are reporting. The facts are there. Knowing the facts can prevent a misunderstanding. Notice that the pps has not risen on this "merger news."

Please read the the (October) 2012 document: Building a New Infrastructure for the Secondary Mortgage Market. This document details what the news reporters tried to report and failed to do accurately.

It is found here: http://www.fhfa.gov/webfiles/24572/fhfasecuritizationwhitepaper100412final.pdf

An April 30, 2013 update on the Common Securitization Platform is found here:

A Progress Report on the Common Securitization Infrastructure
http://www.fhfa.gov/webfiles/25144/WhitePaperProgressReport43013.pdf

The Common Securitization Platform (CSP) is a technological infrastructure is initially co-owned by the GSEs with its own CEO (who is now found and listed above in the article) and that can change. The CEO is independent of Fannie Mae and Freddie Mac and the CSP will be overseen by FHFA. The design of the CSP allows for future input from lawmakers and private industry participants. So at the moment, as it is being built now, the governance structure is under the FHFA in the conservatorships and the neither the Congress nor private industry have control. After the release from the conservatorships, there will be changes but those are nowhere on the horizon for anyone to see. Even so, the CSP is being designed to be open to possible and changing roles of the federal government in the housing finance system.