WASHINGTON—Treasury Department Counselor Craig Phillips indicated this week that the Trump administration is working on housing finance reform and plans to build on recommendations released in June.
Phillips, who advises Treasury Secretary Steven Mnuchin, made the comments at the Mortgage Bankers Association's annual conference in Washington. "We look forward to working with the next Congress and other stakeholders," Phillips said, referring to the administration's housing finance reform plans.
In response, NAFCU Senior Regulatory Affairs Counsel Ann Kossachev said the trade group "supports the administration's continued role in reforming our nation's housing finance system."
"Conservatorship was never meant to be a permanent solution after the crisis and it is now time to think seriously about the future of housing finance in America," she added.
NAFCU met with Phillips in January to discuss housing finance reform and has shared with the Treasury Department – and in a meeting with Mnuchin – the association's core principles for housing financial reform that should be included in any final reform measures.
CU Need for Liquidity Stressed
NAFCU President and CEO Dan Berger sent a letter to Mnuchin in June responding to President Donald Trump's proposal, "Reform the Federal Role in Mortgage Financing." In the letter, he reiterated credit unions' reliance on access to the secondary mortgage market through government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, or other private guarantors, in order to obtain necessary liquidity.
Phillips on Monday also discussed the FHFA's uniform mortgage-backed security (UMBS) plan and said systems are ready for a June launch.