WASHINGTON–While housing reform, including addressing the conservatorships of both Fannie Mae and Freddie Mac, has received increased attention from the White House and Congress, one person who recently testified on the issue before the Senate does not expect there will be any related bills passed this year.
Carrie Hunt, EVP/General Counsel with NAFCU, said following her Senate testimony she came away with the impression that various parties are “inching closer” to some sort of an agreement and an understanding of what the path forward should look like, but she doesn’t expect any legislation this year. But she said the discussion that has taken place has been “meaningful,” especially when it comes to the two GSEs that have been operating under federal conservatorship since the housing crisis.
Specifically, Hunt said it appears a “utility model” treatment for Fannie and Freddie will be the most likely model agreed upon, with additional guarantors also in place. During her testimony, Hunt touched upon a number of issues, but a consistent theme was that whatever model is ultimately selected it must ensure access for credit unions to the secondary mortgage market.
Other Points of Interest
Other points touched upon by Hunt during an interview with CUToday.info:
- NAFCU continues to work behind the scenes with Congress, NCUA and other entities on CECL relief, legislation related to loan maturities and underserved areas, and more.
- Hunt said recent meetings between NAFCU and credit unions in California again uncovered concerns related to examinations, especially related to ensuring fairness and effectiveness and a need by regulators to understand the difference between a regulation and guidance.
- On Thursday, NAFCU is offering a webinar to help credit unions amplify the inclusion of women in leadership positions. Register for the webinar here.