WASHINGTON (6/25/14)--Housing reform was the topic as leaders of housing and financial institution trade groups--including the Credit Union National Association's interim President/CEO Bill Hampel--gathered at the White House Tuesday to discuss prospects for future action.
CUNA was the only credit union trade group present at the session.
In the meeting with senior administration leaders, Hampel highlighted the increased friction that exists in the housing finance system, in part because of cumbersome Qualified Mortgage rules. Hampel noted that QM problems are driving up mortgage costs, while driving down availability, and encouraged policymakers to eliminate the frictions to ease mortgage credit availability.
Hampel said the meeting also addressed issues lenders are having with loan documentation, appraisals and guarantee fees. Hampel said the group noted a common desire for more training for financial institutions' examiners so they are able to more consistently support policy goals.
For instance, it was noted that while policymakers in Washington are repeatedly calling for increased credit availability to help the economy get going again, that message has yet to be universally reflected in financial institutions' supervisory examinations.
CUNA has attended a series of White House meetings this year on housing and housing finance reform issues, including an exclusive meeting requested by White House officials in April.