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Trade organizations on Monday asked Ginnie Mae to treat credit unions on par with banks, instead of lumping them in with mortgage brokers and other non-bank lenders.

The letters from CUNA and NAFCU were in response to a letter from Ginnie Mae seeking comment as it tries to strengthen capital requirements for non-bank lenders to avoid the kind of losses suffered after the financial meltdown of 2008 caused largely by securities made up of bundles of shoddily underwritten mortgages – mortgages largely from banks.

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Jim DuPlessis

A journalist for decades.

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