Representatives from the National Association of Federal Credit Unions and the Federal Housing Administration met on Wednesday to discuss credit unions’ concerns regarding lending and the FHA’s insurance fund.
NAFCU President and CEO Fred Becker and other senior staff met with FHA Commissioner Carole Galante and her senior staff to discuss credit unions’ participation in FHA loan programs, as well as a number of mortgage regulations that will take effect in January.
Other meeting participants included Dan Berger, NAFCU’s executive vice president of government affairs, Carrie Hunt, NAFCU’s general counsel and vice president and Tessema Tefferi, the senior regulatory affairs counsel at NAFCU.
NAFCU has requested that Congress increase its oversight of the FHA after news surfaced that its insurance fund is short on funding, recommending that the FHA extend its loan lockout period past three years.
The organization has also warned the short lockout period could encourage homeowners to strategically default on their loans. The lockout period at Fannie Mae and Freddie Mac is seven years.