Government & Industry Relations Update
Community Lenders Demonstrating Business, Political Clout
January 31, 2014
Always an important segment of Freddie Mac's share of loan purchases, smaller lenders today are applying to be Freddie Mac Sellers in record numbers and cumulatively comprising a larger percentage of GSE purchases. By contrast, the share of Freddie Mac purchased loans originated by the nation's top ten lenders fell to 65 percent in the first nine months of 2013, from 84 percent in 2008.
At the same time, the voice of community lenders has never been more influential in the halls of Congress. The Senate Banking Committee, once dominated by legislators from money centers, now has members from South Dakota, Idaho, Alabama, Tennessee, Montana, North Dakota, Nebraska, and Kansas - rural states that are home to hundreds of small lenders and contain no megabank headquarters. That means members of Congress are tuned in like never before to the concerns of community lenders regarding the future structure of the housing finance system or the impact of new mortgage regulations.
Freddie Mac's Government & Industry Relations Department is also attuned to your needs. As a result, we actively solicit input from Washington-based trade groups representing local lenders such as the Independent Community Bankers of America, Credit Union National Association, National Association of Federal Credit Unions and the Community Mortgage Lenders of America to ensure your voices are represented in our own decision making.