NAFCU, trades talk GSE reform with White House economist
NAFCU's Ann Kossachev, along with representatives from other financial services and housing industry trades, will attend a meeting today with Mark Calabria, chief economist for Vice President Mike Pence. The meeting is an opportunity to discuss areas of agreement among the industry and the administration regarding reform of the government-sponsored enterprises (GSEs).
Ensuring credit unions have unfettered access to the secondary mortgage market and fair pricing based on loan quality – not quantity – in any housing finance reform efforts remains a NAFCU priority.
NAFCU staff met most recently with Calabria in September to discuss housing finance reform and credit unions' regulatory burden. Kossachev, NAFCU's senior regulatory affairs counsel, also attended a meeting at the White House to discuss housing finance reform priorities.
NAFCU has urged the administration and Congress to work together on a comprehensive solution to housing finance reform, and has argued that the continued conservatorship of the GSEs is unsustainable. The association has offered feedback on various housing finance reform proposals, including those put forward by the Federal Housing Finance Agency (FHFA).
The association has been especially active on housing finance issues:
- Last week, NAFCU President and CEO Dan Berger, Chief Economist and Vice President of Research Curt Long and Kossachev met with Housing and Urban Development Secretary Ben Carson to discuss credit unions' priorities in the housing finance market, credit unions' origination of Federal Housing Administration (FHA) loans as well as possible reforms being discussed regarding Ginnie Mae.
- NAFCU recently offered its support to the FHFA on two proposals to establish capital requirements for GSEs Fannie Mae and Freddie Mac, and to create and use a uniform mortgage-backed security (UMBS).
- NAFCU last month attended an agency update at HUD with Carson and FHA Commissioner Brian Montgomery, and a Women in Housing and Finance luncheon with Montgomery.
- In October, Berger met with Ginnie Mae Acting Director Michael Bright to discuss housing finance issues and credit unions' participation in Ginnie Mae's programs.
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