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Federal Housing Finance Agency: Uniform Mortgage-Backed Security

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Highlights

GAO reviewed the Federal Housing Finance Agency's (FHFA) new rule on uniform mortgage-backed security. GAO found that the final rule (a) improves the liquidity of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the Enterprises) To-Be-Announced (TBA) eligible mortgage-backed securities (MBS) by requiring the Enterprises to maintain policies that promote aligned investor cash flows for both current TBA-eligible MBS, and, upon its implementation, for the Uniform Mortgage-Backed Security (UMBS) and; (b) codifies alignment requirements that FHFA implemented under the Fannie Mae and Freddie Mac conservatorships.

Enclosed is our assessment of FHFA's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact me at (202) 512-8156.

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