FHFA merges GSE securities to single program in bid to cut housing costs for millions

As of Monday, Freddie Mac and Fannie Mae mortgage-backed securities will be issued under a single securities program – the Uniform MBS – in a move some have called the biggest change to the mortgage securities market in a generation. FHFA called the implementation of UMBS “momentous” and said it will cut costs for American homebuyers, but what is it, and what exactly will it mean for the U.S. mortgage market?