Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
FHFA Reminded CUs Need Secondary Market Access
WASHINGTON (10/2/13)--Credit union access to the secondary market must be maintained in any future housing finance market reforms, Credit Union National Association staff emphasized during a call this week with Federal Housing Finance Agency officials.

"The discussion between CUNA, credit unions and the agency was productive, and we will be following up on many of the issues covered during the call in future talks with the FHFA," CUNA Deputy General Counsel Mary Dunn said. The FHFA staff asked to meet with CUNA again very shortly to continue the discussions.

CUNA and credit union staff during the call suggested:
  • The pricing policies of government-sponsored enterprises (GSEs) and their replacements should factor in credit unions' low delinquency and default rates;
  • The GSEs and their replacements should purchase one loan as readily as pools of loans;
  • The GSEs and their replacements should not require small issuers to use large aggregators to service their loans; and
  • The GSEs and their replacements should purchase non-qualified mortgage loans.
FHFA staff updated CUNA and credit unions on the status of housing finance reform legislation, and asked for information on the challenges and opportunities housing finance reforms could create for community lenders, specifically in rural or underserved areas. Ways to maintain and maximize credit union relationships with the GSEs, and ways that smaller community lenders can maintain equal footing with their bigger competitors were also discussed.

Representatives from CUNA member credit unions on the call, included Harvard Employees CU President/CEO Eugene Foley, Alaska USA FCU Chief Lending Officer Jerry Reed, and CEFCU Vice President of Mortgage Lending Stacy Davis and Operations Manager Sara Blackburn.

Senior Vice President of Legislative Affairs Ryan Donovan, Assistant General Counsel for Special Projects Robin Cook and Associate General Counsel Jared Ihrig were also on the call which featured FHFA Division of Housing Mission and Goals Deputy Director Sandra Thompson and other members of the FHFA staff.


RSS print
News Now LiveWire
From @FHFA this a.m.: U.S. house prices up 0.5% in Aug. on seasonally adjusted basis from previous month. More here: http://t.co/1yVDOPggeX
14 minutes ago
@TheNCUA open meeting is slated to start at 10 a.m. ET. Should be a quick one. #NewsNow http://t.co/rfYjnat7eI
51 minutes ago
Mass. CUs in unanimous vote joined RI and NH CUs in approving merger of the 3 state leagues 2 form the Cooperative Credit Union Association.
58 minutes ago
.@RepDennyHeck to @NWCUA Amplify conference audience: "More often than not, CUs are part of the solution"
19 hours ago
LA Laker and NBA Legend Earvin "Magic" Johnson was the keynote speaker Tuesday @CCULReach, hosted by the Cal/Nev #CreditUnion Leagues
20 hours ago