(RECAP: In August, the FHFA issued a request for input on the proposed structure of a single security for the GSEs. Currently, each entity’s securities have different features and trading prices. Freddie Mac’s securities are less liquid, and thus less desirable. To keep its market share, Freddie is forced to subsidize the fee paid by lenders for its guarantee, the cost of which is ultimately borne by US taxpayers. The development of a single security, described by the FHFA as a “multi-year” project, is intended to eliminate the liquidity differential and hence the cost differential to save taxpayer dollars. FHFA’s single security proposal is well-thought out and worthy of serious consideration and support by all the key stakeholders.)