CUNA supports FHFA’s ‘ambitious’ housing goals for GSEs

October 25, 2021

CUNA applauds the Federal Housing Finance Agency (FHFA) for setting ambitious goals for Fannie Mae and Freddie Mac, it wrote to the FHFA Monday. The FHFA is required by statute to establish annual housing goals for Fannie and Freddie.

“CUNA strongly supports the FHFA’s efforts to ensure that the GSEs meet their public mission and responsibilities to low-income and very low-income borrowers and communities. This support is consistent with CUNA’s Housing Reform Principles, which include ‘[a]n emphasis on affordability, in recognition of the fact that smaller lenders, such as credit unions, often meet mortgage needs that banks are unwilling or unable to address in rural and working-class communities,’” the letter reads.

The letter also highlights support for:

  • FHFA’s changes to the area-based subgoals, and CUNA believes the FHFA should continue to monitor and analyze trends regarding potential displacement of residents in connection with the low-income area home purchase subgoal.
  • Benchmark levels as being both “realistic and achievable.” CUNA strongly supports loans made to low-income and very low-income borrowers and communities and believes that goals providing credit for making these loans are critical.