March 20, 2014

Hunt at White House with HUD on GSE reform

March 21, 2014 – NAFCU's Carrie Hunt went to the White House Thursday morning for a meeting with Housing and Urban Development Secretary Sean Donovan and other financial industry groups on the Johnson-Crapo government-sponsored enterprise reform bill.

Hunt, NAFCU's senior vice president of government affairs and general counsel, participated in the meeting along with representatives of 10 other financial industry and housing groups.

The GSE reform package was released in full Sunday. It would provide for a wind-down of Fannie Mae and Freddie Mac and creation of a new mortgage insurance entity that would be authorized to create one or more mutual companies to facilitate lenders' access to the secondary mortgage market, including small lenders such as credit unions. The plan also sets up a series of new fees and plan for transferring Fannie and Freddie funds to help capitalize the new entity.

NAFCU continues to review the 442-page bill and summary information. The association is urging lawmakers to ensure credit unions government-guaranteed access to the secondary mortgage market and fair pricing that is based on loan quality, not quantity, in any housing finance reform package.