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Rep. Waters' Panel On Housing Reform Includes CUNA's Hampel
WASHINGTON (6/27/13)--Credit Union National Association Chief Economist Bill Hampel will discuss credit union priorities for housing finance market reform during a Friday panel discussion organized and moderated by Rep. Maxine Waters (D-Calif.), the ranking Democrat of the House Financial Services Committee.

This is the second in a series of panels convened to discuss "how to best provide safe, decent, and affordable rental and homeownership options to American families, while taking steps to prevent another crisis that led to the conservatorships of [Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac] in 2008."

The previous panel discussion was held in April. "This panel discussion builds on that conversation by providing an opportunity for industry stakeholders to share their point of view on how to approach reform," Waters said.

CUNA has repeatedly said that any changes to secondary mortgage market structure must allow credit unions and other small issuers to maintain full and unrestricted access to that market. CUNA has also highlighted the importance of preserving 30-year, fixed-rate mortgages and ensuring that the secondary market is strong enough to weather economic adversity.

The panel discussion will also feature commentary from:

  • National Association of Realtors Senior Policy Representative Anthony Hutchinson;
  • Independent Community Bankers of America Vice President of Lending and Housing Policy Ann Grochala;
  • Mortgage Bankers Association Vice President of Single-Family Research and Policy Development Mike Fratantoni;
  • National Multi Housing Council Senior Vice President of Government Affairs Cindy Chetti; and
  • American Securitization Forum Executive Director Tom Deutsch.
The discussion will be held at 9 a.m. (ET) in the Rayburn House Office Building.

A Senate bill that would wind down Fannie Mae and Freddie Mac and replace them with a new mortgage guarantor, the Federal Mortgage Insurance Corporation (FMIC), was introduced on Tuesday.  President/CEO Bill Cheney noted that the bill "is an important first step to creating a secondary mortgage market that focuses on ensuring access to all financial institutions in need a functioning mortgage market, including credit unions." (For more, see June 26 News Now story: Senators Unveil Important First Step To GSE Reform.)

CUNA is open to a variety of approaches to reform and looks forward to working with all interested congressional leaders.
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