WASHINGTON—The Federal Housing Finance Agency (FHFA) is being asked to reinstate seasoned bulk transactions through Fannie Mae and Freddie Mac.
NAFCU Senior Regulatory Affairs Counsel Aminah Moore made the request in a letter to the agency, stating that access to liquidity has come to the forefront with rising interest rates along with the recent bank failures, and that selling residential mortgages “has been an effective way for credit unions to generate liquidity.”
In the letter, Moore explained that the agency suspended seasoned bulk transactions due to several factors stemming from the COVID-19 pandemic, including an “abnormally high” number of mortgage originations.
“These conditions have since receded - in fact these conditions receded within a couple of months of the suspension of seasoned bulk transactions, but the suspension is still in place,” wrote Moore.
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