John Fenton, president and CEO at the $2.1 billion Affinity FCU in Basking Ridge, N.J., will discuss the future of the 30-year mortgage during testimony Thursday before the Senate Banking Committee.
Fenton, who is appearing on behalf of NAFCU, is addressing that and related issues in light of the various proposals being discussed to reform the housing finance system, in the wake of the financial difficulties facing mortgage buyers Fannie Mae and Freddie Mac.
Several analysts have said that without a strong government presence in housing finance, financial institutions will be less likely to continue to offer the 30-year mortgage.
Both CUNA and NAFCU have said they support a continued government presence in the housing market.
The other witnesses at Wednesday’s 10 a.m. hearing include Janis Bowdler, deputy director of the Wealth Building Policy Project, National Council of La Raza; Anthony Sanders, professor of finance, George Mason University School of Management; and Dr. Susan Woodward, president of Sand Hill Econometrics.