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Fannie Mae and Freddie Mac remain in conservatorship; however, key Members of Congress and the Administration are growing weary of the status quo.
Senate Banking Committee Chairman Crapo (R-ID) and other key Senators have indicated strong desire to address the housing finance system. The Committee has been engaging stakeholders to identify priorities for the housing finance system going forward, and Chairman Crapo looks set to chart a path towards reform. Meanwhile, in the House, House Financial Services Chairman Hensarling (R-TX) continues to advocate for significant changes to the housing finance system.
CUNA supports housing finance reform that provides equitable access and pricing to secondary market liquidity for lenders of all sizes and charter types, and which fosters access to affordable and predictable mortgage products for homebuyers.
On December 20th, CUNA wrote to Chairman Jeb Hensarling and Ranking Member Maxine Waters of the House Financial Services Committee in advance of their hearing entitled, “A Legislative Proposal to Provide for a Sustainable Housing Finance System: The Bipartisan Housing Finance Reform Act of 2018.”
On September 6, CUNA wrote to Chairman Hensarling and Ranking Member Waters prior to the House Financial Services Committee hearing entitled, "A Failure to Act: How a Decade without GSE Reform Has Once Again Put Taxpayers at Risk.”
Credit unions have a deep interest in the structure of the housing finance system going forward, and CUNA supports the creation of an efficient, effective and fair secondary market with equal access for lenders of all size
CUNA Advocacy | Mar 21, 2019
Chandler Schuette | Mar 15, 2019
CUNA Advocacy | Sep 10, 2018
Principles for Housing Finance Reform
CU Residential Loan Parity H.R. 389/S. 836
Robert Henson Associate Director of Advocacy RHenson@cuna.coop 202-508-3634
Advocacy Issue
While credit unions generally did not participate in the risky behavior that contributed to the housing crisis, they have had to comply with the new rules and regulations created in response.
Many credit unions offer mortgages across the country, including in areas covered by flood insurance requirements.