Financial Services Industry
Industry: Email Alert RSS FeedNavy Fed To Sell Jumbos To Charlie Mac, But Retain Risk
Credit Union Journal, The, February, 2004 by Ed Roberts, Washington Bureau Chief
In a new effort to both aid liquidity and boost profitability on the sale of mortgage loans, Navy FCU was expected to ink a deal last week under which it will sell its jumbo mortgages to U.S. Central CU's Charlie Mac but retain the credit risk.
Under the pilot program, Navy Fed will continue to sell its jumbo mortgages, defined as loans greater than Fannie Mae's and Freddie Mac's $333,700 conforming loan limit, to Charlie Mac but will retain all of the credit risk through its Navy Federal Financial Services CUSO in return for a premium on the sale of the loans.
Charlie Mac, formerly known as Network Liquidity Acceptance Company, LLC, is a CUSO owned by the corporate network that is aiming to create a secondary market for loans within the credit union movement....
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