Newsroom

July 18, 2017

Kossachev to discuss FHFA's duty-to-serve rule at Urban Institute tonight

NAFCU Regulatory Affairs Counsel Ann Kossachev is speaking at an Urban Institute event this evening on the challenges, opportunities and expectations the government-sponsored enterprises will have as they set out to serve the underserved under the Federal Housing Finance Agency's duty-to-serve rule.

Kossachev will be part of a panel discussion with representatives from the National Housing Conference, CoreLogic, Prosperity Now and Urban Institute. The event begins at 6:30 p.m. Eastern.

Her remarks will largely focus on credit union lending in the manufactured housing market, in which Fannie Mae and Freddie Mac are planning to take a more active role under the FHFA's final duty-to-serve rule.

The GSEs, under the FHFA rule, are required to adopt plans to improve the distribution and availability of mortgage financing for residential properties that serve very low-, low- and moderate-income families in three specified underserved markets – manufactured housing, affordable housing preservation and rural housing. These plans will become effective January 2018.

In a letter to the FHFA earlier this month, Kossachev noted some concerns regarding the GSEs' launch into chattel loan pilot programs, among other initiatives. She plans to further explain some of those concerns and NAFCU's recommendations for a more measured approach that Fannie Mae and Freddie Mac could take.

Kossachev will also engage in a general discussion of credit unions' commitment to and role in serving underserved markets.