Single Security Initiative

SSI Overview and Market Adoption Playbook


  • Fannie Mae
    Freddie Mac


On June 3, 2019, Fannie Mae and Freddie Mac (the “Enterprises”) will each begin to issue a new, common TBA-eligible security known as the Uniform Mortgage-Backed Security (UMBS™).  The goal is to bring additional liquidity and fungibility to the “To-Be-Announced” (TBA) market and to reduce or eliminate the trading disparities that exist today between the Enterprises’ TBA securities. The components of the SSI include aligning (1) key features, which will mainly follow Fannie Mae’s MBS structure; (2) investor disclosures; and (3) certain policies and practices related to the removal of loans from securities. In addition, the SSI will allow investors to exchange their legacy 45-day Freddie Mac Participation Certificates (PCs) for new 55-day UMBS issued by Freddie Mac.