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NAFCU told the Federal Housing Finance Agency Tuesday that if it is going to issue a requirement that Fannie Mae and Freddie Mac create plans for future service to undeserved markets, that the agency ensure credit unions continue to have access to a strong secondary mortgage market.

Under the FHFA duty-to-serve proposal, 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.

"The Enterprises serve as valuable partners in credit unions' efforts to meet their members' needs, particularly with regard to mortgage loans," NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt said in an official comment letter to the agency Tuesday.

"As such, NAFCU and our members appreciate the FHFA's continued commitment to maintaining the stability of the GSEs in order to foster a strong secondary mortgage market to enable credit unions across the country to meet the lending needs of their 102 million members," Hunt added.

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. Hunt, in her letter, urged that FHFA revise its proposal to allow credit unions that have experience making chattel loans on manufactured housing to be eligible for duty-to-serve credits.