As a House Financial Services subcommittee conducts a hearing on housing reform Wednesday, CUNA reiterated its support ensuring credit union access to a functioning, well-regulated secondary mortgage market. CUNA submitted a letter to a previous Senate hearing on housing finance reform.
"We appreciate the subcommittee taking this action on housing finance reform, and CUNA will continue its engagement on this important matter as the process continues," said CUNA Chief Advocacy Officer Ryan Donovan.
Credit unions also need equitable access to a system that will accommodate member demand for long-term, fixed-rate mortgage products. In 2016, credit unions originated more than $140 billion in mortgages, 8% of the total market.
CUNA supports housing finance reform proposals that are consistent with the following principles:
CUNA believes a new housing system must:
Federal Housing Finance Agency Director Mel Watt and Secretary of Housing and Urban Development Ben Carson, as well as and Senate Banking Committee Chairman Mike Crapo (R-Idaho) and House Financial Services Committee Chairman Jeb Hensarling (R-Texas) have called on Congress to take on housing finance reform.