Where We Are
Public phase status.
Phase 1
Research complete
Architecture documented, evidence base assembled
Complete
Phase 2
Prototype
Schema mapper, underwriting agent, pool optimizer
Complete
Phase 3
Regulatory alignment
Rating agency pre-engagement, SPV structure validation
Pending
Phase 4
Pilot partners
MDI/CDFI letters of intent
Pending
Phase 5
Beta
First synthetic deal end-to-end on real anonymized data
Pending
Phase 6
National launch
First rated deal closes (target 2027)
Pending
Timing
Two waves converged in 2024. The window opened.
2010
Dodd-Frank establishes the post-crisis securitization framework
2013
CDFI Fund Bond Guarantee Program launches, capped at $100M minimum
2017
First wave of vertical AI applications in fintech
2020
Citigroup quantifies the $16T GDP loss from racial inequality
2021
LISC publishes "Securitization for Social Innovation" calling for an intermediary
2022
The Change Company closes first AAA-rated CDFI RMBS — $283M, oversubscribed
2023
October — CRA Modernization Rule creates structural large-bank demand
2024
Fed Governor Lisa Cook calls for pooling and securitizing CDFI loans
2024
NY Fed concludes a third party must step in to aggregate multi-seller pools
2025
Richmond Fed surveys 446 CDFIs: 71% see rising demand, 33% can fund it
2026
Keystone OS
The infrastructure is finally being built.