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News Now

Washington
CUNA To Testify On Housing Finance Reform Tuesday
WASHINGTON (10/30/13)--Credit Union National Association Senior Vice President and Chief Economist Bill Hampel will testify next week on how to protect credit unions' access to the secondary mortgage market.
 
Hampel will be testifying before the Senate Banking Committee during its hearing on "Housing Finance Reform: Protecting Small Lender Access to the Secondary Mortgage Market." It is scheduled for Nov. 5, 10 a.m. (ET).
 
In July, Hampel was the CUNA witness at the Senate's first hearing of the year on housing finance reform. He told members of the Senate Banking subcommittee on securities, insurance and investment that credit unions appreciate the need to reform the current housing finance system, but any reforms must not hinder the ability of credit unions to meet their members' housing finance needs in a member-friendly cooperative way.
 
Hampel also said the transition from the current system to any new housing finance system must be reasonable and orderly, and the transition deadline needs to be flexible.
 
And at a meeting with Federal Housing Finance Agency officials this month, CUNA staff suggested these actions to help preserve credit union access to the secondary markets:
  • 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.
Also scheduled to testify at the Tuesday hearing: Richard Swanson, president/CEO, Federal Home Loan Bank of Des Moines on behalf of the Council of Federal Home Loan Banks; William A. Loving, Jr., president/CEO Pendleton Community Bank, Franklin, W.Va., and chairman of Independent Community Bankers of America; Bill Cosgrove, president/CEO, Union Home Mortgage Company and chairman-elect of Mortgage Bankers Association; and, John Harwell, associate vice president of Risk Management, Apple FCU, Fairfax, Va., on behalf of the National Association of Federal Credit Unions.


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