Sec. 313. Mission and structure of Common Securitization Solutions

268 words·~1 min read·/bill/115/hr/6746/ih/section-313

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Prior to the Transfer Date, the mission of Common Securitization Solutions shall be to accomplish the following goals: Developing a Common Securitization Platform— that is based upon interoperable technology and standards that can accommodate all platform users; and that ensures fair and non-discriminatory access for any issuer, enterprise, servicer, agency, or other counterparty. Developing a uniform contractual and disclosure framework that facilitates a deep, liquid, and resilient secondary mortgage market for mortgage-backed securities.

Developing functions to support the non-Government guaranteed securitization market. Continuing, advancing, or developing any other initiative as authorized by the CSS Board of Managers, with the approval of the Director, to enhance efficiency, liquidity, and security in the secondary market for residential mortgage loans, provided such initiative does not conflict with or unreasonably delay the completion of the goals described under paragraph (1), (2), or (3). The size of the membership of the CSS Board of Managers shall be fixed at:

For the one-year period beginning upon commencement of the Transition Period, four members. For the one-year period following the period described under subparagraph (A), seven members. After the end of the one-year period described under subparagraph (B), nine members. The Director shall appoint the additional members required under paragraph

(1)from among individuals that— have demonstrated knowledge of, or experience in, financial management, financial services, risk management, information technology, mortgage securitization, secondary mortgage markets, or housing finance; and will not be simultaneously employed by an enterprise or serving as a director of an enterprise. All members of CSS Board of Managers shall owe a fiduciary duty to the enterprises prior to the Transfer Date.