The Federal Housing Finance Agency provided its first specifics Tuesday on how it intends to create a single security for mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac.

In a proposal open for public comment, the agency said it wants to draw on elements of both government-sponsored enterprises' existing securities. The plan would create a single security that essentially mirrors most of Fannie's pooling features, with "most of the disclosure framework" used by Freddie, the agency said.

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