CUNA has informed the Treasury Department that credit unionsbelieve the federal government has a “very important but targeted”role in the secondary mortgage market going forward.
|The trade association revealed its position on the role of thefederal government in a reformed secondary mortgage market in adetailed Jan. 10 letter to Treasury Secretary Timothy Geithner.
|CUNA expressed concern about some of the suggestions that havebeen aired for the types of organization that might replace the nowgovernment-controlled Fannie Mae and Freddie Mac and endorsedcooperatives as a possible organizational model. But theorganization also made clear that whether the heirs to Fannie Maeor Freddie Mac are cooperative or not, CUs want access to them.
|“Whether a secondary mortgage market entity is a cooperative orother cooperative form, the governance structure of the newentities providing secondary market services should ensure that alltypes of lenders, including credit unions, are well represented ontheir boards of directors,” CUNA wrote. “This could also include,for example, advisory groups comprised of credit unions and otherswould provide information and advice to the new entities,” theassociation added.
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