While credit unions continue to work with homeowners experiencing economic challenges, the ability to offer affordable options remains critical to their financial future. That’s why the CUNA/League system, and other Ohio financial institution and housing trades, continue to urge Congress to reexamine the Federal Housing Finance Agency’s (FHFA) delayed 0.5 percent GSE adverse market fee, including the $125,000 threshold exemption, on all home refinance loans set to take effect on Dec. 1. Prior to a recent U.S. House Financial Services Committee hearing, the League urged Congressmen Steve Stivers (R-Upper Arlington) and Anthony Gonzalez (R-Rocky River) to question FHFA Director Calabria on the fee’s necessity, alternative risk mitigation tactics the agency could pursue, and whether the threshold was high enough to cover all low-to-moderate-income homeowners. You can catch Stivers and Gonzalez’s recorded remarks at the 1:34:50 and 3:20:30 time stamps, respectively, to see both leaders advocate for affordable home refinance options to help your credit union better serve members into the future.
If you have any questions about the League’s ongoing GSE fee advocacy efforts, please contact League SVP of Advocacy Emily Leite.