CUNA wrote to newly sworn-in Federal Housing Finance Agency (FHFA) Director Mark Calabria Tuesday. Calabria, confirmed by the Senate April 4, will serve a five-year term as the head of FHFA.
“As the momentum once again swings toward completing housing finance reform, your leadership will be crucial on this and other important issues under the agency’s purview,” wrote CUNA President/CEO Jim Nussle. “We are excited by your appointment and the opportunity that it presents to ensure a sound, well-functioning secondary market for the conventional, thirty-year, fixed-rate, government-backed mortgage loans that credit unions’ members both need and expect.”
CUNA shared its principles for housing finance reform, which include:
CUNA’s letter also points out to Calabria CUNA’s concerns with FHFA’s pending proposal on Federal Home Loan Banks’ Affordable Housing Goals. CUNA is concerned that comments accompanying the proposed regulation appear to specifically exclude credit unions from being eligible to participate in the newly created smaller member participation requirement.
The letter also reiterates CUNA’s call for the FHFA’s continued coordination with other federal regulatory agencies, including the Consumer Financial Protection Bureau.