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NAFCU will attend the Federal Housing Finance Agency roundtables in Washington next Monday and Tuesday on its duty-to-serve proposal, which would require Fannie Mae and Freddie Mac to create plans for future service to undeserved markets.

NAFCU Regulatory Affairs Counsel Kavitha Subramanian will attend Monday's roundtable, which will focus on the proposal's requirements, and NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt will attend the roundtable on Tuesday, which will focus on the manufactured housing aspect of the proposal. NAFCU members Lafayette Federal Credit Union, of Maryland, and San Antonio Federal Credit Union, of Texas, are also sending representatives to the roundtables.

Under the proposal, issued in December, government-sponsored enterprises Fannie Mae and Freddie Mac would create plans to target manufactured housing, affordable housing preservation and rural markets. The proposal would have the GSEs develop and adopt plans to improve the distribution and availability of safe and sound mortgage financing in those areas for very low-, low- and moderate-income families.

Under FHFA's proposed rule, credit would be provided by the GSEs for activities undertaken related to financing manufactured housing units titled as real estate property and not chattel loans secured by personal property.

NAFCU has urged the FHFA to revise its proposal to allow credit unions that have experience making chattel loans on manufactured housing to be eligible for duty-to-serve credits. NAFCU continues to urge the FHFA to ensure that any housing finance reform guarantees credit unions access to the secondary mortgage market.