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Allow CUs to sell loans in secondary markets--CUNA to Treasury
WASHINGTON (7/26/10)--Responding to a U.S. Treasury request for public input on the reform of the housing finance system, the Credit Union National Association (CUNA) has recommended that the Treasury’s pending housing finance plan “ensure that all segments of the financial services industry can take full advantage of the opportunities to sell their loans into the secondary market and to receive services from the Federal Home Loan Banks or other entities.” CUNA also urged the Treasury to “recognize that credit unions perform, and can continue to perform, a valuable role in the mortgage lending system” as it develops the new plan. The “overriding goal” of any new housing finance system should be “ensuring that consumers receive mortgage loans that they can afford,” CUNA added. The housing finance system should also minimize any legislative and regulatory burdens that credit unions may face, the letter said. Credit union burdens related to housing finance regulations are “very substantial,” and have escalated in recent years, CUNA added. CUNA plans to work with member credit unions in anticipation of the Obama Administration’s legislative proposal. For the full comment letter, use the resource link.


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