On March 28, the Federal Housing Finance Authority (FHFA) announced Fannie Mae and Freddie Mac (the Enterprises) will issue a new security, the Uniform Mortgage-Backed Security (UMBS), on June 3, 2019. The UMBS will replace all current offerings of mortgage-backed securities that occur in the to-be-announced (TBA) forward market. According to the announcement, the new UMBS will be issued using the Common Securitization Platform (CSP) through the Enterprises’ joint venture, Common Securitization Solutions (CSS). See previous InfoBytes coverage here.