Housing Finance Reform
It has been ten years since the federal government took control of Fannie Mae and Freddie Mac from their stockholders in a process known as conservatorship. Since that time, the future of the government-sponsored enterprises (GSEs) and the secondary mortgage market has become a topic of debate among lawmakers and the administration.
We are committed to educating legislators about the positive impact the secondary market has had on the credit union community and the role credit unions play in ensuring the safety and soundness of our nation's housing market. In any housing finance reform efforts, we strongly advocate for equal access to the market for credit unions and fair pricing based on loan quality as opposed to volume, because in order to achieve a healthy, sustainable and viable secondary market, there must be vibrant competition among all market participants.
How This Impacts You
The housing market is a critical aspect of our nation’s economy and the future of the housing finance system is of great importance to our nation’s credit unions and their nearly 120 million members. Since 2008, when the federal government took control of Fannie Mae and Freddie Mac (the GSEs) from their stockholders and placed them into conservatorship, their future and the secondary mortgage market has become an important topic of debate among lawmakers and the Obama, Trump, and Biden administrations. The GSEs enable credit unions to obtain the necessary liquidity to create new mortgages for their member-owners by utilizing the secondary market.
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