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News Now

Washington
CUNA to Treasury CUs have interest in GSE reform plans
WASHINGTON (10/7/10)--The U.S. Treasury should continue to consider the needs of credit unions and other small mortgage lenders as it develops its plans for the future of the secondary home mortgage market, Credit Union National Association (CUNA) President/CEO Bill Cheney told Treasury officials on Wednesday. Cheney last month also met with Treasury representatives and attended a government forum addressing how mortgage disclosure forms can be simplified to give consumers the information needed to make prudent financial choices. The Treasury is expected to release a comprehensive plan for the future of the home mortgage market early next year. The Treasury earlier this year said that any plan that is developed should eliminate the conflict between Freddie Mac's and Fannie Mae's public policy role and the need to enhance shareholder returns. The government’s role in promoting market stability and financially supporting the home market should also be examined, the Treasury said. How any future secondary market enterprises should be regulated will also be reviewed. In a July comment letter, CUNA 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. CUNA is developing an advisory council on the GSE issue and will publish its own recommendations for the Treasury’s treatment of the mortgage market later this fall. CUNA General Counsel Eric Richard, Chief Economist Bill Hampel, and Deputy General Counsel Mary Dunn were also in attendance.


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