The Federal Housing Finance Agency (FHFA) is restructuring its Common Securitization Solutions (CSS) board 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 (MBS) issuance.
Matthew Feldman, formerly president and CEO of the Federal Home Loan Bank of Chicago and currently a member of the boards of trustees for the Evanston Community Foundation and the Beth Emet Foundation, will be the interim chair of the board of managers, while Anthony Renzi will remain the CSS CEO and a member of the board. Other independent members of the board, brought on as part of the CSS prior market expansion activity, have left.
“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,” FHFA acting Director Sandra Thompson said in a release. “I am also pleased that Tony Renzi will remain as CEO given his strong leadership over CSS operations.”
The restructuring comes after an almost two-year review, where the agency determined CSS should focus on the safety and soundness of the housing finance market and reduce unnecessary expenses as the Enterprises rebuild capital.
“I am honored to have been appointed by acting Director Thompson as the chairman of the CSS board of managers,” Feldman said. “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.”