Housing Finance Reform
Where We Stand
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.
Impact
Fannie Mae and Freddie Mac remain in conservatorship under the Federal Housing Finance Agency (FHFA). While the FHFA has eliminated volume-based discounts and expressed its commitment to ensuring secondary market access for financial institutions of all sizes, as long as the work of housing reform remains unfinished, credit unions are at risk of losing that access. For our housing finance system to work for credit unions, secondary market access must be offered by a neutral third party that operates under a legislative guarantee of equal access, an explicit federal guarantee, and with strong oversight and supervision. This will ensure a housing finance system that is equitable, durable, and affordable for American consumers.
Comments, Letters & Op-eds
Op-ed
BankThink Ginnie Mae's misconceptions about credit unions and mortgages
CUNA's Elizabeth LaBerge published an op-ed in the American Banker in response to Ginnie Mae's request for input on proposing to establish additional, risk-based eligibility requirements for issuers of securities backed by single-family mortgages.
If this policy is finalized without alteration, an estimated 24% of credit unions will be excluded as qualified issuers. This is a terrible result for Ginnie Mae, credit unions and most importantly American homebuyers.
FHFA Eliminates Adverse Market Refinance Fee
The FHFA announced the elimination of the 50 basis point Adverse Market Refinance Fee. CUNA urged the FHFA to eliminate the fee in its letter to Acting Director Thompson a few weeks ago, citing the reduced risk of loss related to the pandemic and harmful increase in costs to consumers.
Letter to new FHFA Acting Director Thompson
On behalf of our members, we would like to send our sincerest congratulations to you on your appointment as Acting Director of the Federal Housing Finance Agency (FHFA or Agency). CUNA and America’s credit unions look forward to working with you in your capacity as Acting Director.
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Advocacy Agenda
We serve our member-owners with a cooperative not-for-profit model that prioritizes the needs of individuals.