October 5, 2021

FHFA: Changes Announced to Common Securitization Solutions Board Structure

The Federal Housing Finance Agency (FHFA) today announced that Common Securitization Solutions (CSS) is undertaking a series of actions to better align its corporate governance structure with its core mission of supporting the infrastructure for Fannie Mae and Freddie Mac (the Enterprises) mortgage-backed securities issuance. Matthew Feldman has been named Chairman of the Board of Managers at CSS to assist in this transition on an interim basis.

In early 2020, FHFA explored expanding the role of CSS to serve a broader market. After a nearly two-year review, FHFA determined that CSS should instead focus on maintaining the resiliency of the Enterprises’ mortgage-backed securities platform. This decision allows CSS to stay focused on the safety and soundness of the housing finance market and reduce unnecessary expenses as the Enterprises rebuild capital. As a result, the independent members of the Board of Managers brought on as part of the CSS market expansion activity have left the Board. Anthony Renzi will remain as the Chief Executive Officer of CSS and member of the Board.

“I am fully confident that Matt Feldman will be vigilant in overseeing this transition and in ensuring that CSS focuses first and foremost on supporting the securities platform and serving its owners, Fannie Mae and Freddie Mac,” said Acting Director Sandra L. Thompson. “I am also pleased that Tony Renzi will remain as CEO given his strong leadership over CSS operations.” 

“I am honored to have been appointed by Acting Director Thompson as the Chairman of the CSS Board of Managers,” said CSS Chairman Matthew Feldman. “I look forward to working with the Board during this transition and am committed to ensuring CSS is focused on supporting the Enterprises’ mortgage securitization activities in a safe and sound manner.”

About Matthew Feldman: Mr. Feldman served as President and CEO of the Federal Home Loan Bank of Chicago from April 2008 until December 2020, after serving in several executive capacities at the Bank since starting in 2003, including Chief Risk Officer and Executive Vice President, Operations and Technology. Mr. Feldman was previously President of Continental Trust Company, a wholly-owned subsidiary of Continental Bank, and served in a number of other roles in capital markets, investments, and general management during his 15 years there.

He currently serves as a member of the Board of Trustees of the Evanston Community Foundation where he also serves as Chair of the Racial Equity Task Force, Chair of the Audit and Finance Committees, Treasurer, and a member of the Investment Council. He is a member of the Board of Trustees of the Beth Emet Foundation and a member of the Racial Justice Committee of Beth Emet Synagogue.

Mr. Feldman holds degrees from Case Western Reserve University and the Kellogg School of Management of Northwestern University, where he is a life-member of the Kellogg Global Advisory Board and a member of the Kellogg Inclusion Council.

About Common Securitization Solutions, LLC: CSS, a joint venture owned by the Enterprises, enables the issuance of the largest segment of mortgage-backed securities—the Uniform Mortgage-Backed Security—to support liquidity in the nation’s housing finance markets. CSS does this through the Common Securitization Platform, the largest and most advanced securitization operation in the nation, which processes more than $400 billion in mortgage securities each month.

This post was originally published here.