WASHINGTON — Credit unions report very little impact from the recent government takeover of Fannie Mae and Freddie Mac. But Navy Federal Credit Union's Jack Gaffney, executive vice president of lending, said that, in the long term, the takeover is not good for the financial services industry.

Government ownership of Fannie Mae and Freddie Mac will probably mean that it will be more expensive to sell loans on the secondary market. “When the government gets involved, you tend to see the cost of things go up,” he said.

And, Scott Toler, president and chief executive officer for Credit Union Mortgage Asociation, said the only impact on credit unions so far has been a drop in interest rates–a move, he said, that is more related to perception. Changes in the two mortgage giants will be dictated by the market, he said. If the economy rebounds, there won't be as many changes and there won't be as much government involvement.