CUNA and its members are committed to working with Congress to create a strong foundation for housing finance reform, CUNA wrote to the Senate Banking Committee Wednesday. The committee conducted a two-day hearing on Senate Banking Committee Chair Mike Crapo’s (R-Idaho) outline for housing finance reform.
“As important as it is to act to reform the secondary mortgage market, it is even more important to get it right,” the letter reads. “CUNA and our members continue to believe that for credit unions and our members, getting it right should mean one thing: Community lenders must be at the core of the future secondary mortgage market.”
The letter says that three features are necessary for credit unions and other small lenders to continue to provide affordable mortgage credit:
CUNA also included several data points about credit union mortgage lending, including:
The letter identifies several key principles that should form the foundation of the housing finance system, equal access to lenders of all sizes; affordable mortgage payments; a reasonable and orderly transition to a new system, strong oversight for market entities; a federally insured system for durability; and preservation of things that work in the current system.