A Midwestern housing finance executive fears limiting Fannie Maeand Freddie Mac to buying only qualified mortgages may prevent somecredit unions from making mortgage loans to lower incomemembers.
TimMislansky, chief lending officer at the 248,000-member, $2.6billion Wright-Patt Credit Union in Dayton, Ohio, emphasized thatthe credit union and its wholly owned housing finance CUSO,myCUmortgage,had not yet finished reviewing all of the Consumer FinancialProtection Bureau's new mortgage regulations.
He said that qualified mortgages' cap on fees could wind up hurting lower-income members who areusually buying homes in poorer housing markets or buying smaller,less expensive homes in wealthier markets.
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