Fannie Mae and Freddie Mac have launched a new company called U.S. Financial Technology LLC that will replace the government-sponsored enterprises’ shared legacy company Common Securitization Solutions (CSS), according to a press release from CSS.
Like Fannie and Freddie, the new company — called U.S. Fin Tech for short — will be overseen by the Federal Housing Finance Agency (FHFA), led by Director Bill Pulte.
The press release noted that U.S. Fin Tech will inventory and manage a “$6.5 trillion mortgage-backed securities (MBS) portfolio” and will sell its technology to other institutions.
Tony Renzi, CEO of CSS, will remain the top executive of the new entity. He positioned the announcement as a corporate rebrand, and the release did not mention any staffing changes.
“We are excited to have a name that demonstrates that we are leading the United States and the world in financial services technology,” Renzi stated.
Pulte also weighed in on the change in a statement.
“We created U.S. Fin Tech to demonstrate the incredible ingenuity of American technology under President Trump’s leadership,” Pulte said.
Fannie and Freddie purchase mortgages and package them as mortgage-backed securities (MBS) that are sold to investors on the secondary market. CSS was created in 2013 to develop a shared technology platform for administering Fannie and Freddie’s combined single-family MBS portfolio.
According to an FHFA white paper from 2023, “CSS is the largest issuing agent and administrator of MBS, holding approximately 75% of total market share and processing 30 million loans on the platform in 2021.”
