CUNA remains strongly supportive of the FHFA's efforts to ensure the GSE meet their public mission. Both GSE single-family and multifamily housing goals for 2021 will remain the same as the 2018-2020 levels, but the agency will engage in a new rulemaking.
CUNA strongly supports the three goals included in the FHFA's strategic plan and noted that credit unions have a “substantial interest” in effective-functioning FHFA-regulated entities, including Fannie Mae, Freddie Mac and the Federal Home Loan Bank system.
FHFA Director Mark Calabria responded to letters from CUNA and all 35 state Leagues expressing concerns over the proposed GSE refinance fee. CUNA wrote to the multiple times, most recently Aug. 25, shortly before FHFA announced the fee implementation would be delayed by three months to Dec. 1.
CUNA supports FHFA efforts to ensure that the GSEs have strong capital requirements that allow them to withstand economic downturns while still providing mortgage market liquidity without taxpayer intervention, particularly for low and moderate income borrowers.
The announced Fannie Mae/Freddie Mac refinance fee has caused significant disruptions to credit union mortgage lending, CUNA, the American Association of Credit Union Leagues and all 35 state credit union Leagues wrote to Federal Housing Finance Agency leadership Tuesday.
A bipartisan group of Senators wrote to FHFA Director Mark Calabria last week to echo CUNA’s position that the GSE refinance fee set to go into effect Sept. 1 be withdrawn. Leagues and have engaged several of the letter’s signers on the issue, and CUNA continues its advocacy.
CUNA continued its strong opposition to a recently announced Fannie Mae and Freddie Mac fee increase for certain purchased refinanced mortgages, calling for the fee to be withdrawn in a letter from CUNA President/CEO Jim Nussle to FHFA Director Mark Calabria.
CUNA joined a broad coalition of organizations representing the housing, financial services industries as well as public interest groups to issue a statement noting the GSEs’ new adverse market fee will raise costs that will be particularly harmful to low- and moderate-income homeowners.
Any new regulatory changes to FHLBank membership should not negatively impact credit unions’ ability to access liquidity or obtain FHLBank membership, CUNA wrote to the FHFA in response to a request for information about FHLBank membership.