ALEXANDRIA, Va. — The handful of commenters on NCUA's proposed rule on federal credit unions' permissible investments (Parts 703 and 704) generally said they liked the idea of this new authority for credit unions, but would like to see less regulatory redundancy.
NCUA's proposal would allow credit unions to participate in mortgage note repurchase transactions under certain restrictions, some of which the commenters' found duplicative or lacking in flexibility.
Alaska USA Federal Credit Union President William Eckhardt stated in his comment letter that additional underwriting standards are not necessary because it is "already embedded in the provisions of the Secondary Mortgage Marketing Enhancement Act as incorporated into the Federal Credit Union Act. The underwriting criteria are those established to make the mortgage notes eligible for sale to the secondary market."
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