Matthew Feldman has been named Chairman of the Board of Managers at Common Securitization Solutions (CSS) on an interim basis. The move will assist in a transition to “better align the corporate governance structure with its core mission of supporting the infrastructure for Fannie Mae and Freddie Mac mortgage-backed securities issuance,” according to the Federal Housing Finance Agency (FHFA).
“I am honored to have been appointed by Acting Director Thompson as the chairman of the CSS Board of Managers,” said CSS Chairman Matthew Feldman in a statement. “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.”
In early 2020, FHFA looked to serve a broader market by expanding the role of CSS. But after a nearly two-year review period, FHFA stated that CSS should instead focus on “maintaining the resiliency” of Fannie and Freddie mortgage-backed securities platform, allowing CSS to focus “on the safety and soundness of the housing finance market and reduce unnecessary expenses as the enterprises rebuild capital.”
Anthony Renzi will remain as the chief executive officer of CSS and member of the Board, but several independent members that were hired as part of the expansion project have left the board.
“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,” said Acting Director Sandra L. Thompson in a statement. “I am also pleased that Tony Renzi will remain as CEO given his strong leadership over CSS operations.”