Following Federal Housing Finance Agency (FHFA) Director Mark Calabria’s recent announcement that the agency plans to issue a re-proposed rule setting capital requirements for the Government-Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac early next year, NAFCU’s Brad Thaler reiterated the association’s call for legislative action on housing finance reform in a letter to lawmakers.
As the leading voice for credit unions with housing reform discussions, NAFCU has continuously advocated for the importance of maintaining credit unions’ unfettered access to the secondary mortgage market and has engaged with Calabria, other administration officials, and lawmakers on the issue.
“NAFCU has long advocated for housing finance reform because the current conservatorship of the GSEs is unsustainable; however, certain legislative safeguards should first be adopted to preserve a level playing field for financial institutions of all sizes,” wrote Thaler, the association’s vice president of legislative affairs.
In the letter, sent to members of the House Financial Services and Senate Banking Committees, Thaler urged Congress to move “swiftly” to protect the ability of small lenders, such as credit unions, to obtain liquidity through mortgage loan sales to the GSEs.
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