Obama expected to discuss mortgage conditions
Jan. 28, 2014 – President Obama is widely expected to discuss housing issues, such as current mortgage market conditions, when he delivers his fifth annual State of the Union address tonight before a joint session of Congress.
NAFCU will closely follow tonight’s speech for any discussion of CFPB’s new mortgage rules – particularly the bureau’s ability-to-repay/qualified mortgage regulation and how it is affecting mortgage credit availability.
The association testified on the new rule during a hearing Jan. 14, just four days after the CFPB rules took effect. In that hearing, Daniel Weickenand, CEO of Orion FCU in Memphis and a NAFCU Board member, explained why his credit union decided to stop offering non-QM loans.
The association will also be watching tonight’s speech for any talk of changes affecting financial institutions, including next steps in housing finance reform, cybersecurity and data security. It will also watch for any developments in the implementation of the health care law, which has implications for all employers, including credit unions.
"Weickenand: QM rule will hurt communities, consumers" 1/15/14