Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Senate Banking Committee to mark up GSE reform bill today
WASHINGTON (5/20/08)--The Senate Banking Committee today is expected to mark up a housing bill, the Federal Housing Finance Regulatory Reform Act of 2008, which includes significant reform of the government-sponsored enterprises (GSEs). Yesterday, Senate Banking Committee Chairman Christopher Dodd (D-Conn.) and Sen. Richard Shelby (R-Ala.) announced an agreement that would create a new regulator for Fannie Mae and Freddie Mac, and a multi-billion dollar mortgage rescue fund (Reuters May 19). "To have Chairman Dodd and Ranking Member Shelby come to agreement on an issue as important as GSE reform is very significant,” said Ryan Donovan, CUNA vice president of legislative affairs. “It certainly makes the prospects of enactment of comprehensive housing legislation more realistic. We will be reviewing this legislation closely." Last week, CUNA President/CEO Dan Mica wrote a letter to Dodd and Shelby commending the committee for ensuring the safety and soundness of Fannie Mae and Freddie Mac. In the letter, Mica noted that credit unions rely on access to the secondary mortgage market--Fannie Mae and Freddie Mac--and the 12 Federal Home Loan Banks. He said CUNA believes changes in oversight of the GSEs must ensure that:
* Changes do not curtail the use of the automated underwriting systems developed by Freddie Mac and Fannie Mae and the arrangements in which lenders enter into commitments with the GSEs for the purchase of a fixed amount of mortgage loans at a particular rate before the specific loans are identified or closed; * Restrictions on the ability of the GSEs to offer new programs do not result in a regulatory process that hinders the development of programs, activities or products that benefit the marketplace or the participation of credit unions in the marketplace; and * Guarantee fees are not based on factors such as capital or volume of lending activity that may have the effect of favoring large lenders.
For the full text of the letter, use the link.


RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
12 24 ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
12 23 ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
12 23 ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
12 23 ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
12 23 ago