NAFCU has refrained from making concrete suggestions about what sort of structure a new Fannie Mae or Freddie Mac might one day have but has urged legislators to preserve their ability to help CUs manage mortgage liquidity.

The association also asked that legislators maintain the stability of the two currently government sponsored entities as they transition to their new foundations.

"We realize that Fannie Mae and Freddie Mac will likely transition out of their current conservatorship into a new model. As Congress considers ways of reforming the current GSE system, we believe it is important that safeguards are in place to make for a smooth transition and that the important roles that Fannie Mae and Freddie Mac play for credit unions and the secondary market not be compromised," NAFCU wrote in March 22 letter to Rep. Barney Frank (D-Mass.) and Rep. Spencer Bachus (R-Ala.), the chairman and ranking member of the House Financial Services Committee.