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There are two key medium- to long-term questions hovering over credit union mortgage lenders. What future form and structure will the nation’s secondary mortgage market take, and how will mortgage originators, including credit unions, be able to access it?

The current housing and economic crisis has left the federal government with an enormous and, some economists argue, ultimately unsustainable role in the secondary mortgage market. The implicit guarantee given to Fannie Mae and Freddie Mac, as government-sponsored entities, became explicit when the government moved to keep them from collapsing in late 2008. Since then, they have continued to perform something close to their traditional role, buying mortgages and holding some while selling others on the secondary market as mortgage-backed securities.

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