CUNA President/CEO Jim Nussle and Senior Directors of Advocacy Lance Noggle and Elizabeth Sullivan met with Government National Mortgage Association (Ginnie Mae) President Alanna McCargo Wednesday. McCargo was confirmed by the Senate as Ginnie Mae president in December.
“We thank Ms. McCargo and Ginnie Mae staff for their time and input today,” Nussle said. “Credit unions and Ginnie Mae have many mutual goals, including promoting housing access and affordability for all communities, and look forward to working together to advance those goals.”
CUNA has engaged with Ginnie Mae before McCargo was nominated to ensure Ginnie Mae recognizes the unique mission, structure, and operation of credit unions. This includes urging Ginnie Mae to change its treatment of credit unions.
Ginnie Mae currently treats credit unions as non-depository mortgage lenders, and as “non-banks” in its latest mortgage-backed securities guide.
CUNA believes this treatment fails to recognize the quality of credit union mortgages, the multiple layers of credit union regulatory oversight, and more.