GSE Qualified Mortgage Limit Will Have Little Impact
The bulk of credit union and CUSO mortgage programs will see minimal impact from Fannie Mae and Freddie Mac limiting the secondary market to only qualified mortgages, according to credit union and CUSO executives.
However, credit union’s ability to offer more tailored housing finance loans or some to lower-income members may be restricted by the move, other executives argued.
“I am sure it will have some impact, probably restrictive, on our operations, but we just don’t know yet how much of an impact it will have,” Pipes said.
Pipes said that the Obama administration and the GSEs were sending mixed messages to the housing finance industry, urging credit unions on the one hand to make more housing loans to more consumers but, at the same time, appearing to restrict their ability to manage those loans and sell them if need be.