The latest update on the single security may signify the next step in GSE reform, according to analysts with Wells Fargo Securities. In late March, the Federal Housing Finance Agency announced that the uniform mortgage-backed security collateralized by Fannie Mae and Freddie Mac loans will launch on June 3, 2019. The framework for housing-finance reform has evolved over time to building on the successful elements of the current market instead of disrupting it, said analysts Vipul Jain, Anish Lohokare and Randy Ahlgren. They noted that the single security seems to be leading toward a single MBS label with catastrophic insurance underwritten explicitly by the government.