DENVER-With uncertainty surrounding the future of Fannie Mae and Freddie Mac, one CUSO is developing a capital markets alternative credit unions can use.

The challenge of doing so is difficult, according to Judy Sandberg, president of Mortgage Liquidity Solutions, LLC, but "we are making huge progress. We are pulling loans together to do a transaction. The goal will be to execute a capital markets transaction outside of Fannie and Freddie with credit union-originated, servicing-retained first mortgage loans in 2013. We are cautiously optimistic this is the year."

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