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John Harwell, associate vice president of risk management at the $1.8 billion Apple Federal Credit Union in Fairfax, Va., told Congress on Tuesday that NAFCU cannot support housing finance reform that does not maintain government backing of mortgage-backed securities.

“NAFCU and its member credit unions have examined various proposals for reform of the housing finance system and have reached the conclusion that we cannot support any approach that does not maintain an explicit government guarantee of payment of principal and interests on mortgage-backed securities,” Harwell said at a hearing on housing finance reform held by the Senate Committee on Banking, Housing and Urban Affairs.

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