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CU Impact Must Be Considered in FHFA Oversight, CUNA Tells Watt
WASHINGTON (12/30/13)--The Credit Union National Association has encouraged incoming Federal Housing Finance Agency Director Rep. Mel Watt (D-N.C.) to ensure balanced oversight of Fannie Mae and Freddie Mac that fully considers the impact actions will have on credit unions.

CUNA President/CEO Bill Cheney made these remarks in a letter sent to Watt last week.

In that letter, the CUNA CEO said credit unions are looking forward to working with Watt, and also urged him to do all he can to ensure that:
  • Fannie and Freddie are accountable for the policies they implement;
  • The process for developing policies is transparent;
  • Policies adopted and implemented will support small sellers and services; and
  • CUNA and other stakeholders will be included in discussions with the FHFA as policy concerns arise and solutions to address those concerns are developed.
Cheney said CUNA would like to have a solid, working relationship with the agency on a range of issues, including fair access. The CUNA letter also highlighted concerns regarding policies and other developments, including:
  • Uncertainty as to whether non-qualified mortgage loans will be purchased by the government-sponsored enterprises after January;
  • Uncertainty regarding the continuation of loan guarantees and whether guarantee fees will be further increased;
  • Requiring a seller/servicer to be accepted by the other GSE before allowing it to sell, own or service them;
  • Making it difficult for new seller/servicers to be approved or approved in a timely manner;
  • Requiring a credit union servicer to use a sub-servicer; and
  • The ongoing failure by the GSEs to reflect the low level of default and delinquency of credit union mortgages in the pricing that is offered to credit union sellers.
The CUNA letter also urged Watt to withdraw proposed loan purchase limit reductions.

Watt is scheduled to be sworn in as FHFA director on Jan. 6.


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