A new survey conducted by the National Association of Federally-Insured Credit Unions (NAFCU) has determined that more than half of its member credit unions are selling mortgages to the secondary market.
According to the NAFCU survey, about 35 percent of respondent credit unions said they were selling their mortgage loans to Fannie Mae, while nearly 12 percent were selling mortgages to Freddie Mac. Approximately 12 percent of respondents said that they sold their mortgages to both government-sponsored enterprises (GSEs).
On average, the credit union respondents to NAFCU's survey sold 37.1 percent of their mortgages into the secondary market. Whenever GSE reform comes around, nearly three-quarters of the credit unions in NAFCU’s study said they opposed eliminating the GSEs in favor of full privatization of housing finance without a government guarantee, instead preferring keeping the GSEs or offering a similar system with an explicit government guarantee.