NCUA Board Chairman Debbie Matz has sent a letter to the FederalHousing Finance Agency, the regulator and conservator of Fannie Maeand Freddie Mac, seeking resolution of a dispute over somemortgages that credit unions complain were stolen.
The dispute dates back to the now bankrupt CU National/USMortgage Corporation where the CEO of that organization, withoutpermission, sold some loans owned by credit unions to Fannie Maeand then pocketed the proceeds. The CEO has pled guilty and awaitssentencing, but the credit unions are still struggling to make goodtheir losses from his actions.
Matz's Nov. 9 letter to Edward DeMarco, acting director of theFHFA, recounted the work efforts both regulators have brought tothe table but also the frustration NCUA and the credit unions feltabout what they view as Fannie Mae's intransigence.
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