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CUNA to testify in Senate Tuesday on housing reform
WASHINGTON (6/24/11)--Rod Staatz, a member of the Credit Union National Association’s board of directors and its GSE Reform Task Force, is scheduled to testify next week at a Senate Banking Committee hearing on housing finance reform. Staatz, who is president/CEO of SECU of Maryland, in part will
Click to view larger image SECU of Maryland CEO Rod Staatz has been tapped to testify in the Senate next week on housing finance reform. In this photo, Staatz is shown testifying before a House panel on issues surrounding the Consumer Financial Protection Bureau. Staatz urged that credit unions, and the pro-consumer products they provide, should be exempt from any onerous rules the bureau might create. (CUNA Photo).
discuss credit union access to the secondary market for housing loans. Housing finance reform has been identified as an Obama administration priority, and the U.S. Congress has been studying the issue through hearings as well. CUNA has told the Obama administration that the needs of credit unions and other small mortgage lenders must be considered as the country moves forward on needed reforms. Earlier this year, the administration released a report on a tri-level plan for the future of government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, both of which are operating under government conservatorships. One proposal would almost completely privatize the housing finance system, limiting the government's role to assisting low-income and veteran homebuyers. The report notes that smaller lenders could have a difficult time competing under such a system. Another proposal would create a system through which the government would back mortgages only in times of financial distress. Low-income individuals and military veterans would still be offered assistance under this structure. The government could also use a system of reinsurance to backstop private mortgage guarantors to a targeted range of mortgages. The administration plan notes that this option provides the lowest cost mortgages, and would likely benefit smaller lenders. Use the resource link to see a list of other witnesses.
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