Washington, D.C. – Housing Policy Council (HPC) President Ed DeMarco released the following statement today applauding the Federal Housing Finance Agency’s (FHFA) plan to appoint Chris Giancarlo as independent, non-Executive Chairman of the Board of Directors of Common Securitization Solutions (CSS) and to amend the structure of its Board of Directors:
“HPC applauds this initiative by FHFA Director Mark Calabria and welcomes the selection of Chris Giancarlo to Chair the CSS Board. This is a long overdue step to directly engage private sector participation in the governance and decision-making of this key infrastructure. Virtually all housing finance reform bills envision CSS as a critical industry platform for mortgage securitization, not a proprietary infrastructure for the exclusive use of the GSEs.
“The expansion in vision announced by FHFA today enhances the opportunity for this infrastructure, built with taxpayer funds, to foster competition and serve the broader housing finance system.”