NAFCU: The credit union perspective on housing finance reform

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WASHINGTON-NAFCU and CUNA emphasized the importance of ensuring credit unions’ access to the secondary mortgage market in any reform of the housing finance system in separate letters the trade assoiciatons sent to Senate Banking Committee leaders.

For instance, as key lawmakers conducted their reviews for broad tax reform, NAFCU and the industry remained vigilant and made the case for credit unions’ federal tax exemption. Because of what credit unions are and what they do for the economy, House Ways and means chairman dave Camp, R-Mich., left the credit union tax exemption untouched in.

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NAFCU update on housing finance reform Credit unions favor housing finance reforms that would keep the government-sponsored enterprises or something similar in place, but add an explicit government guarantee to their mortgage-backed securities, according to a recent survey.

As talks surrounding housing finance reform persist, the National Association of federally-insured credit unions published its own thoughts on the matter to ensure the safety of the credit union.

NAFCU seeks to ensure that lawmakers and agency officials include credit unions’ principles in the Trump Administration housing reform. Bright joined Ginnie Mae July 2017 as executive vice president and COO; he is awaiting Senate confirmation to serve as president.

Our Position We are committed to educating legislators about the positive impact the secondary market has had on the credit union community and the role credit unions play in ensuring the safety and soundness of our nation’s housing market. In any housing finance reform efforts, we strongly advocate for equal access to the market for credit unions and fair pricing based on loan quality as opposed to volume, because in order to achieve a healthy, sustainable and viable secondary market, there.

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