The reform of the secondary mortgage market in the U.S. is like a very slow moving train. As of now, it appears that neither political party will take up the issue until after the 2012 elections, which are still more than a year away. But even a very slow moving train eventually gets where it's going. Before that happens, I believe credit unions need to be organized to meet it.

Recently, I had the opportunity to join a panel with two of my fellow CEOs, Rudy Hanley from SchoolsFirst Federal Credit Union and Nader Moghaddam from Financial Partners Credit Union, along with John McKechnie from Total Spectrum, a Washington government relations firm, at the American Credit Union Mortgage Association Conference to discuss the future of secondary markets and credit union implications.

We were impressed to see almost 300 industry professionals take so much interest in the subject. This is a testimony to the importance of real estate lending to credit unions. As we read trade literature and listen to business news, we hear much about the legislative jockeying to shape the future of the secondary mortgage market, particularly of its long-time institutions Fannie Mae and Freddie Mac.