WASHINGTON (3/12/14, updated 10:44 a.m. ET)--Housing finance reform just got a huge shot in the arm after being mired in inaction for so long. Senate Banking Committee Chairman Tim Johnson (D-S.D.) and the committee's top Republican member, Sen. Mike Crapo (Idaho), announced this morning that they have agreed upon a bipartisan plan on how to overhaul the housing finance market, as well as on what to do with government-owned Fannie Mae and Freddie Mac.
A draft bill could be unveiled in the next few days, with a committee vote to follow in the next weeks.
"This bipartisan effort will provide the market the certainty it needs, while preserving fair and affordable housing throughout the country," Johnson said in a statement. "I look forward to moving this effort through committee once members have had a chance to review our forthcoming legislation."
The Credit Union National Association has and will continue to advocate for credit unions as housing reform moves forward.
CUNA has repeatedly said that credit unions appreciate the need to reform the current housing finance system, but any reforms must not hinder the ability of credit unions to meet their members' housing finance needs in a member-friendly cooperative way.
CUNA has also said that the transition from the current system to any new housing finance system must be reasonable and orderly, and a transition deadline needs to be flexible.