Removing Barriers Blog

CUNA Comments on FHFA’s Enterprise Housing Goals
Posted February 26, 2021 by CUNA Advocacy

CUNA submitted a comment letter to FHFA regarding its Enterprise Housing goals. FHFA is considering public comments received to inform rulemaking planned for 2021 to establish single-family and multifamily housing goals benchmark levels for 2022 and beyond and to make other changes to the Enterprise housing goals regulations, as appropriate. 

CUNA strongly supports the FHFA’s efforts to ensure that the GSEs meet their public mission and responsibilities to low-income and very-low income borrowers and communities.  

“This support is consistent with CUNA’s housing finance reform principle, which include ‘[a]n emphasis on affordability, in recognition of the fact that smaller lenders, such as credit unions, often meet mortgage needs that banks are unwilling or unable to address in rural and working-class communities,’” the letter reads. “Credit unions’ commitment to this lending is illustrated by data showing that in the first three quarters of 2020 alone, credit unions originated $210 billion in first lien mortgages, which translates into $280 billion on an annualized basis. In total, credit unions sold $86.4 billion ($115 billion annualized) in first lien mortgages on the secondary market - an amount equal to 41% of the total originated.”