FOR IMMEDIATE RELEASE
CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; firstname.lastname@example.org
Washington, DC (May 23, 2018) – Today Credit Union National Association (CUNA) sent this letter to Senate Banking Committee leadership prior to their hearing on the status of the housing finance structure entitled, “Ten Years of Conservatorship: The Status of the Housing Finance System." The letter was written to show support of an efficient, effective and fair secondary mortgage market with equal access to lenders of all sizes.
“Credit unions that elect to sell mortgages into the secondary market do so for a variety of reasons, but predominantly it is a tool to help them manage long term interest rate risk in order to continue to meet their members’ mortgage lending needs,” the letter reads. “Particularly today, with long term interest rates at or near historic lows but expected to rise, access to a highly liquid secondary market with relatively low transaction costs is vital for the health of credit union mortgage lending. Credit unions therefore have a deep interest in the structure of the housing finance system going forward.”
CUNA focuses on several key principles it believes must be present in a secondary market which include:
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.