May 13, 2013

Hearings ahead on housing finance issues

May 13, 2013 – NAFCU lobbyists will be closely following this week's hearings on housing finance issues for their potential impact on the future of housing finance and credit unions' continued access to mortgage liquidity.

NAFCU is working to ensure credit unions' continued, unfettered access to the secondary mortgage market. It is advocating for reform that promotes fair pricing based on loan quality, not volume.

Tomorrow, the Senate Banking Subcommittee on Securities, Insurance and Investment, chaired by Sen. Jon Tester, D-Mont., will hold a hearing on returning private capital to mortgage markets and government-sponsored enterprises reform. Witnesses are from academia and the firm of Andrew Davidson & Co. Inc., a consulting firm focusing on the mortgage- and asset-backed securities markets.

A housing finance reform hearing previously slated by the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises has been canceled. Meanwhile, the House Financial Services Subcommittee on Housing and Insurance, chaired by Rep. Randy Neugebauer, R-Texas, has slated a hearing Thursday on multi-family housing finance, medical facility mortgage insurance programs and reverse mortgages.

In other hearings, the House Financial Services Subcommittee on Oversight and Investigations will hold a hearing Wednesday on the "too big to fail" issue. The full committee plans an oversight hearing May 16 with Securities and Exchange Commission Chairman Mary Jo White.