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Timeline for Fannie-Freddie joint mortgage program seen in 2016

(Corrects headline and paragraph 1 to say program is expected to be announced in 2016; corrects paragraph 2 to say the program will introduce a single mortgage security)

Oct 19 (Reuters) - The timeline for a joint mortgage bond program of government-sponsored enterprises Fannie Mae and Freddie Mac is expected to be announced in 2016, the head of the regulator that oversees the two agencies said on Monday.

The program, through a so-called Common Securitization Platform (CSP) will introduce a single mortgage security, said Melvin Watt, director of the Federal Housing Finance Agency, which took conservatorship of Fannie and Freddie in September 2008 during the credit crisis.

The CSP is intended to bolster liquidity in the U.S. home loan market.

"I can confirm that we plan to announce the Release 1 timeline in 2016. We also hope to be able to announce the Release 2 timeline next year," Watt said in a speech at the Mortgage Bankers Association's annual conference in San Diego.

In the program's first stage, or Release 1, the CSP will begin issuing and administering only Freddie Mac's securities.

In Release 2, the platform will issue and administer bonds for both mortgage agencies using a new single security for the first time, Watt said.

Right now, Fannie Mae and Freddie Mac issue and administer their mortgage programs separately.

Since the housing bust, they and peer Ginnie Mae repackage at least 95 percent of the home loans into bonds annually.

(Reporting by Richard Leong; Editing by Steve Orlofsky and Grant McCool)