Senate confirms Fudge as HUD secretary
Marcia Fudge was confirmed by the Senate Wednesday in a 66-34 vote to become the 18th Secretary of Housing and Urban Development. Fudge previously served as a Congresswoman from Ohio since 2008.
“Congratulations to Secretary Fudge on her successful confirmation. CUNA, Leagues, and credit unions look forward to engaging her and the Department of Housing and Urban Development on ways credit unions can meet housing and other challenges in 2021 and beyond,” said CUNA President/CEO Jim Nussle.
CUNA suggested the following housing priorities for consideration in a letter sent for the record of her nomination hearing.
- Include mortgage payment assistance to borrowers impacted by the COVID-19 crisis in any stimulus package to ensure that we do not have a foreclosure crisis when current or new COVID forbearance programs and eviction moratoria expire;
- Include temporary liquidity assistance for mortgage servicers in any stimulus package to increase the economic stability of credit unions and Credit Union Service Organizations (CUSOs) that must front principal and interest payments for any investor-held mortgages in their servicing portfolio;
- Ensure the Federal Housing Finance Agency’s (FHFA) recapitalization plans for Fannie Mae and Freddie Mac are phased in on a schedule that prevents disruption of the secondary mortgage market, which credit unions have utilized at increasing rates in recent years; and
- Any amendments to existing housing finance reform plans should ensure that the secondary market remains open to lenders of all sizes on an equitable basis, without allowing Fannie Mae and Freddie Mac to provide discounts based on volume or otherwise charge higher fees to smaller lenders such as credit unions.