ARLINGTON, Va.—NAFCU has sent a comment letter to the Federal Housing Finance Agency over its proposed rule regarding Enterprise Housing Goals for the years 2015-2017.
Under the proposed rule, the benchmarks that the Enterprises will be expected to meet are the same or higher is some instances than the 2012-14 Enterprise housing goals. The goals are higher for both Fannie Mae and Freddie Mac in the categories of Low-Income Areas Home Purchase Subgoal, Low-Income Refinancing Goals, and Low-Income Subgoal for Small Multifamily. The goals are higher for only Freddie Mac in the categories of Low-Income Goal and Very Low-Income Subgoal, noted NAFCU.
NAFCU said it generally supports the proposed rule, but believes that the Enterprises should have flexibility necessary to determine how best to stabilize and improve the conditions of their respective portfolios.
“We are fully aware that the Enterprises and the secondary market could change in the future,” NAFCU said in its letter. “As we have stated previously, NAFCU strongly supports a healthy and equitable secondary housing market. Any changes to the role of the Enterprises should not be so drastic as to create unnecessary obstacles to continued access for credit unions, who need a stable and equitable secondary market to have continued access to liquidity.”
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