FOR IMMEDIATE RELEASE
April 4, 2019
Today the Senate confirmed Dr. Mark Calabria to serve as the director of the Federal Housing Finance Agency (FHFA). Calabria, who will serve a five-year term, served as the chief economist to Vice President Mike Pence, and previously served as a senior aide on the Senate Banking Committee where he was one of the lead drafters of the Housing and Economic Recovery Act of 2008.
Credit unions play an increasingly important role in the housing finance market and as a result have a vested interest in the ongoing stability of the secondary mortgage market that the next Director of the FHFA will help oversee.
“We look forward to working with Director Calabria and the FHFA to ensure that the secondary market of the future continues to make it possible for credit union members to have access to responsible and affordable mortgage credit and appreciate his recognition of the importance of the 30 year, fixed-rate mortgage,” said CUNA President/CEO Jim Nussle. “We welcome the opportunity to further build upon and strengthen the existing partnerships between credit unions, the Government Sponsored Enterprises, and Federal Home Loan Banks.”
Credit Union National Association (CUNA) sent a letter to the Senate Banking Committee which outlines its principles for housing finance reform in the secondary market which is rooted in equal access, affordability, reasonable and orderly transition, strong oversight and supervision, durability and preservation of what works.
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 115 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. To find your nearest credit union, visit YourMoneyFurther.com.