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NAFCU shares housing finance reform principles ahead of hearing
Ahead of today's Senate Banking Committee hearing examining housing finance reform, NAFCU Vice President of Legislative Affairs Brad Thaler sent a letter noting the importance of a legislative solution prior to any administrative action.
"Congressional action is the only way to ensure key elements from NAFCU’s Housing Finance Reform Principles, such as guaranteed access for community financial institutions, fair pricing based on quality and not quantity of loans sold, and a level playing field allowing institutions of all sizes to compete, are included in reforms," said Thaler. "Furthermore, any major changes should come gradually, so as not to disrupt the market."
Treasury Secretary Steven Mnuchin, Department of Housing and Urban Affairs Secretary Ben Carson, and Federal Housing Finance Agency (FHFA) Director Mark Calabria will testify at the hearing.
Last week, the White House finalized plans from the Treasury Department to reform the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, proposing to release them from federal control.
Previously, FHFA Director Mark Calabria agreed with NAFCU during a June meeting that final housing finance reform plans need to ensure fair pricing and equal access to lenders of all size – the Treasury's plan supports legislation to do that.
Tomorrow, credit union leaders will hear directly from Calabria at NAFCU's Congressional Caucus. Senate Banking Committee Ranking Member Sherrod Brown, D-Ohio, will also address attendees.