White House to Work with Congress on Housing Finance Reform

The White House will work with Congress to reform the nation's housing finance system and government-sponsored enterprises (GSEs), according to an article in the Wall Street Journal.

This signals a shift from comments made by Federal Housing Finance Agency (FHFA) Acting Director Joseph Otting at a recent staff meeting where he said that a housing finance reform plan from the administration and Treasury Department could come within the next month. After that, Otting said he expects significant progress to be made within "six to 18 months." Otting said that the FHFA Director and Treasury had the authority to make significant changes to the GSEs without legislation.

The article also indicates the plan will be released soon, but clarified that the administration will work with Congress to ensure safeguards are in place to protect taxpayers.

CUNA and the state leagues have urged Congress and the Trump administration to work together on a comprehensive solution to housing finance reform and shared with lawmakers and administration officials their priorities including ensuring credit union have continues access to a viable and competitive secondary mortgage market.