WASHINGTON (11/5/13)--Credit Union National Association Chief Economist Bill Hampel today will drive home the credit union position on housing financial reform at a Senate Banking Committee hearing entitled "Housing Finance Reform: Protecting Small Lender Access to the Secondary Mortgage Market." It is scheduled to begin at 10 a.m. (ET).
"As long as credit unions produce one or more eligible mortgages, they should be able to sell them to an issuer of government-backed securities, directly or through an aggregator, at market prices, for cash, without volume penalties, and with the option to retain servicing," Hampel says in his testimony.
Hampel will also call on the U.S. Congress to ensure that credit unions "continue to be afforded the opportunity to provide mortgage servicing services to their members in a cost-effective and member-service oriented manner, in order to ensure a completely integrated mortgage experience for credit union members/borrowers."
The CUNA testimony also outlines principles that should be followed as the U.S. Congress revamps the housing finance system, discusses in detail the need for small lender access to the secondary mortgage market, assesses a Senate bill (S. 1217) that would wind down Fannie Mae and Freddie Mac and replace the Federal Housing Finance Agency with an new entity, and more.
Watch News Now today for more on the hearing, as it happens.
Hampel also testified on housing issues before a July Senate subcommittee hearing, and participated in a June housing finance market reform policy discussion session hosted by Rep. Maxine Waters' (D-Calif.).