NAFCU is one many groups contacting Congress in opposition to an amendment to the Restoring American Financial Stability Act of 2010 that would effectively end federal government support for Fannie Mae and Freddie Mac in two years.
The amendment, sponsored by Republican Senators John McCain (Ariz.), Richard Shelby (Ala.) and Judd Gregg (N.H.) is drawing criticism and opposition from Senate Democrats and housing groups that want Congress to address reforming Fannie Mae and Freddie Mac in a separate measure.
NAFCU made a similar point in a May 10 letter to the Senate leadership in opposition to the amendment.
"We realized reforms are needed and believe that Fannie Mae and Freddie Mac will need to transition out of their current conservatorship into a new model," NAFCU wrote. "However, we feel that this is an issue of great magnitude and importance and deserves to be fully vetted and analyzed through the Congressional process.We do not believe that the Restoring American Financial Stability Act is an appropriate measure to which to address GSE reform."