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CUs Report Low Impact from Fannie, Freddie Takeover

WASHINGTON -- Credit unions report very little impact from the recent government takeover of Fannie Mae and Freddie Mac. But Navy Federal Credit Union's Jack Gaffney, executive vice president of lending, said that, in the long term, the takeover is not good for the financial services industry.

By Staff Writer | Updated on September 15, 2008

WASHINGTON — Credit unions report very little impact from the recent government takeover of Fannie Mae and Freddie Mac. But Navy Federal Credit Union’s Jack Gaffney, executive vice president of lending, said that, in the long term, the takeover is not good for the financial services industry.

Government ownership of Fannie Mae and Freddie Mac will probably mean that it will be more expensive to sell loans on the secondary market. “When the government gets involved, you tend to see the cost of things go up,” he said.

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