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Are Credit Unions Goverment Sposored Enterprise? As Ginrich Stated?

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posted on Dec, 18 2011 @ 10:52 AM
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Worked in banking\mortgage industry for 6 years.. I always knew GSEs were Fannie,Freddie,Sallie mae used to be a GSE...And Ginne Mae( doubt many of you have heard of this..) But Newt ginrich's response to Ron Paul was coops and credit unions are goverment sponsored enterprises.. How so? credit unions from what I understand are private(owned by members) .. but are backed by the NCUA if they fail.. its a goverment insurance.. that does not mean that congress started the credit union down the street from you.. looked up definition of a GSE and here it is:

A government-sponsored enterprise (GSE) is a financial services corporation created by the United States Congress. Their function is to enhance the flow of credit to targeted sectors of the economy and to make those segments of the capital market more efficient and transparent. The desired effect of the GSEs is to enhance the availability and reduce the cost of credit to the targeted borrowing sectors: agriculture, home finance and education. Congress created the first GSE in 1916 with the creation of the Farm Credit System; it initiated GSEs in the home finance segment of the economy with the creation of the Federal Home Loan Banks in 1932; and it targeted education when it chartered Sallie Mae in 1972 (although Congress allowed Sallie Mae to relinquish its government sponsorship and become a fully private institution via legislation in 1995). The residential mortgage borrowing segment is by far the largest of the borrowing segments in which the GSEs operate. GSEs hold or pool approximately $5 trillion worth of mortgages.[1][2][3]

Are Credit Unions created by the United States Congress? Any help on this would be appreciated




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