FHFA announces Giancarlo as chairman of CSS

The Federal Housing Finance Agency has announced that J. Christopher “Chris" Giancarlo, former Chairman of the U.S. Commodity Futures Trading Commission, will serve as independent, non-executive chairman of the board of directors of Common Securitization Solutions LLC (CSS) and that CSS will amend the structure of its board of directors. This amended structure provides Anthony Renzi, appointed in December 2019 as CSS CEO, a seat on the board and also allows the FHFA to appoint up to three additional independent directors. Fannie Mae and Freddie Mac (the Enterprises) will each retain their two current board seats. There will be up to nine board members in total. CSS, a joint venture between the Enterprises, built and runs the technology platform that supports the Uniform Mortgage-Backed Security (UMBS). Both Enterprises began using the CSS Common Securitization Platform in June of 2019.