According to Reuters, the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, filed paperwork on Monday to create a common platform for mortgage-backed securities issuance. Reuters notes:

The regulator, the Federal Housing Finance Agency, said in a statement it established a new company called the Common Securitization Solutions, LLC, as a limited liability company with the state of Delaware. The joint venture is intended to help securitize home loans and consolidate some of functions currently replicated by Fannie Mae and Freddie Mac.