NAFCU is still lobbying to have the Federal Housing Administration lengthen the amount of time consumers who strategically default on a mortgage loan have to wait to apply for another FHA-insured loan.
In a letter Monday to the leadership of the House Financial Services Committee, the association made the case that Fannie Mae, the organization which buys many mortgage loans, has imposed a waiting period of seven years before a strategically defaulted borrower could qualify for a new mortgage loan destined for the secondary market.
FHA, by contrast, has a waiting period of three years.
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