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CONGRESS & REGULATORS

Mortgage lock-in. On the public record.

Start with the congressional exchange and Debbie Matz’s perspective as a former NCUA chair. Explore the examination experience and the writing behind the debate.

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House Financial Services Committee · September 2, 2026

The portfolio-lender question

Rep. Mike Flood and Alex J. Pollock · Public hearing participants

Flood asks how defeasance would work with mortgage-backed securities. Pollock explains why lenders holding loans in portfolio are a different case.

Flood chairs the Housing and Insurance Subcommittee. Pollock is a former president and CEO of the Federal Home Loan Bank of Chicago. This is public discussion, not congressional or regulatory endorsement of Takara or DREAM.

Original source ↗
Read full transcript
Mortgage lock-in: where could defeasance fit? U.S. House Committee on Financial Services, September 2, 2026. A continuous excerpt from the exchange between Rep. Mike Flood and witness Alex J. Pollock, Senior Fellow at the Mises Institute. The speakers do not name or endorse Takara in this excerpt. Opening card: Mortgage lock-in. Where could defeasance fit? Rep. Mike Flood and Alex J. Pollock. The portfolio-lender question. Rep. Mike Flood: Well, I appreciate that, because I went down a rabbit hole on the idea of defeasance, and one of the challenges that I am concerned about, because I do really like the concept, and I think it's working in countries like Denmark— Alex J. Pollock: Yes. Rep. Mike Flood: But, and I don't know who this company is or how they're actually doing it, but are they—how do they—how does that reconcile with the mortgage-backed security? I mean, if you're holding mortgage-backed securities and suddenly you think you've got collateral on X, but you really got collateral on Y, how do they navigate that? Alex J. Pollock: The mortgage-backed security makes it harder. This works actually with lenders who have the loan in portfolio and who can deal with their customers and end up in a way where the customer gets the value of the mortgage. Closing card: The portfolio distinction matters. Pollock describes lenders holding loans in portfolio. Read the full exchange and written testimony for context. The excerpt ends here; Pollock continues explaining the economics in the full hearing. Punctuation and caption line breaks are edited for readability. The source footage and speaker order are continuous within the excerpt. Watch the full hearing from this exchange · Official hearing page · Pollock's written testimony
Full hearing record & related writing ↗

A LENDER’S EXAMINATION EXPERIENCE

What happened when examiners asked?

Hear Fred Campobasso describe GLCU’s experience in his own words.

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QRL webinar · September 4, 2026

How did GLCU’s examination go?

Fred Campobasso · Chief Lending Officer, Great Lakes Credit Union

Fred Campobasso recounts the review of GLCU’s DREAM pilot and the support his team received in answering examiner questions.

Fred’s account of one credit union’s pilot examination, not an agency approval. He also serves on Takara’s advisory board. The original excerpt includes his statement that examiners wanted updates.

Source context & transcript
Read full transcript
How did GLCU’s examination go? Fred Campobasso, Chief Lending Officer, Great Lakes Credit Union. Fred also serves on Takara’s advisory board. QRL lender webinar, September 4, 2026. Continuous original source: 00:16:44.100–00:17:46.960. Context: Fred’s account of GLCU’s examination of its own DREAM pilot. His report is institution-specific, not an agency approval or a statement by NCUA. In the preceding answer, he identifies the NCUA and describes briefing examiners before launching the pilot. The excerpt preserves his statement that examiners wanted updates and his correction of “unwind” to “mitigate the risk.” And Michael, to your question, they did come in at our most recent exam, which was about three months ago, and they reviewed the pilot. They did poke and prod the program, and they had no issues with the Takara program. And part of the benefit of working with Jonathan and team, there are questions that we might not have been familiar with, and we just tapped Jonathan and team on the shoulder, and they were able to provide the required information that we weren’t confident in our own responses, and they bolstered that. And again, no findings, no concerns. They do want updates. They're very interested in it because it is so new, and it is an opportunity for us to unwind, actually I wouldn't say unwind, but to mitigate the risk that these loans currently have on our books. Production: original camera footage and audio, cropped and conventionally resized. No generated face or voice; no internal edits, retiming or rearrangement. Caption punctuation and line breaks are edited for readability.
Explore the examination account ↗

ALEX J. POLLOCK & PAUL H. KUPIEC

Follow the argument.

Economic commentary and policy proposals, with links to the original publications.

LENDER EXPERIENCES

Then hear from the people
working with Takara.

Member stories, implementation questions and practical support, in a separate collection.

Explore lender experiences

THE NEXT CONVERSATION

Bring your team’s questions.

Talk through member needs, eligible loans and what the work would involve for your institution.

Discuss DREAM program fit