CUNA Should Be Thanked For Avoiding GSEs
Every time I read a new headline about real or perceived financial problems and the lack of accountability at Fannie Mae and Freddie Mac, I am thankful to CUNA for keeping the credit union movement out of the various political fights the government-sponsored enterprises (GSEs) have gotten into on Capitol Hill in recent years.
I know that many credit unions are frequent users of Fannie and Freddie mortgage products. I am also aware that both of these institutions have fostered the strong secondary mortgage market we have today. There are many vendors who do good things for credit unions, but this does not merit us getting involved in the middle of their Congressional battles.
Credit unions have enough to worry about from the bankers next year without taking on additional legislative fights. I hope CUNA and credit unions stay on course and stay out of battles that aren't our own.