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Jason Furman, the chairman of the Council of Economic Advisers, and Donald Layton, the CEO of Freddie Mac, updated credit unions on housing market and economic issues Thursday during NAFCU's Congressional Caucus in Washington.

Furman outlined three important positive economic factors affecting the short term and three affecting the long term. In the short term, he said, factors helping to stabilize the economy include the relative lack of concern about the debt ceiling, progress businesses have made deleveraging their debt and the increase in housing construction activity and its potential to keep strengthening gross domestic product.

The long-term factors he focused on were America's increase in oil production and decrease in consumption, a continued slow-down in healthcare costs and the continued expansion of access to advanced technology.

Layton indicated a preference for a diminished government role in the housing finance system. However, he said despite the lack of housing finance reform legislation and continued conservatorship under the Federal Housing Finance Agency, Freddie has made strides toward putting private capital first and reducing risk for taxpayers, as well as improving customer service. NAFCU continues to advocate for guaranteed access to the secondary mortgage market for credit unions, and fair pricing based on loan quality rather than volume.