Calling it a net plus for the consumers and the housing market, Affinity FCU President/CEO John Fenton urged lawmakers to ensure that any changes in the housing finance system don't jeopardize the existence of the 30-year mortgage.
"It's consumer friendly, straightforward and easy to understand,'' Fenton said during testimony at an Oct. 20 hearing of the Senate Banking Committee. "It's necessary for the health of the housing market that it remain a viable product."
Fenton, who testified on behalf of NAFCU, said to ensure its future viability the government should revamp the housing finance system in a way that keeps a strong government presence in the market. He recommended that even if mortgage buyers Fannie Mae and Freddie Mac are shut down, the government continue with two mortgage buyers for competition so credit unions continue to have access to a viable secondary market.
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