ADA, Okla. - Chickasaw attorney Robert Cheadle has been named to the Consumer Advisory Council of the Federal Reserve Board.
Cheadle is a former attorney general of the Chickasaw Nation, based here. He is also former administrator of the division of housing for the nation, and is developing a new mortgage program for Chickasaws.
Cheadle will serve a three year term on the council, which advises Federal Reserve Board chairman Alan Greenspan and the rest of the Fed on consumer concerns.
He is designing a program called Mortgage Express, in which a tribal entity will act as a mortgage broker, referring Chickasaw borrowers to other lenders. He is seeking funding for the venture from lenders and capital market sources.
During his tenure as housing administrator, Cheadle helped design a mortgage program which has been adopted for use by three other tribes in Oklahoma and won the Social Compact Award.
The "Chuka Chukmasi" program won a $10 million mortgage commitment from a group of mortgage-related entities, all necessary to make the lending possible. Variations of it have been adopted for the Choctaw, Cherokee, and Citizen Potawatomi tribes as well, for a total of $35 million in mortgage commitments to Oklahoma American Indians.
The outside entities are Freddie Mac, a secondary mortgage agency, Washington Mutual Bank of Seattle, a mortgage lender, PMI Mortgage Insurance Co. of San Francisco, which insures mortgages, and First Americans Mortgage of Kansas City, a mortgage broker.
Prior to working for the tribe, Cheadle was an attorney for Fannie Mae, the secondary market agency that facilitates mortgage lending by buying loans from lenders after they are made.
While at Fannie Mae, he negotiated an agreement with the Navajo Nation to provide the first mortgage lending on Navajo trust land.