April 10, 2014

Thaler, Pevo at White House on GSE reform

April 11, 2014 - NAFCU Vice President of Legislative Affairs Brad Thaler and Legislative Affairs Director Jillian Pevo took part in another meeting held by White House and administration officials Thursday on housing finance reform.

The meeting was the fourth attended by NAFCU as White House officials continue to hear from stakeholders on the impact of the draft Johnson-Crapo government-sponsored enterprise reform package.

The draft reform package – released by Sens. Tim Johnson, D-S.D., and Mike Crapo, R-Idaho, chairman and ranking member of the Senate Banking Committee – would provide for a wind-down of Fannie Mae and Freddie Mac and create a new mortgage insurance entity that could establish one or more mutual companies to facilitate secondary mortgage market access for lenders, including small lenders such as credit unions. It also sets up series of new fees and a plan for transferring Fannie and Freddie funds to help capitalize the new entity. The committee has scheduled a markup of the package on April 29.

NAFCU is urging lawmakers to ensure credit unions guaranteed access to the secondary mortgage market, a continuation of the government guarantee and fair pricing that is based on loan quality in any housing finance reform package.