On July 20, 2006, NCUA published a proposed rule to amend its rules and regulations regarding federal credit union (FCU) investments in mortgage note repurchase transactions. Current regulations prohibit FCUs from investing in first-lien mortgages other than to complete a pool of loans to be sold on the secondary market. The proposed amendment would expand FCU permissible investments to include repurchase transactions in which the instrument consists of first-lien mortgage notes, if certain conditions are met.
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