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WASHINGTON — As liquidity has tightened over the last couple of years with savings at record lows and loans at record highs, credit unions are increasingly looking to their Federal Home Loan Banks to fund their mortgage lending.

Credit unions have increased their business with the banks from $9.6 million in advances at mid-year 2004 to $16.3 million as of June 30, 2006. “Over that time period, we’ve seen pretty strong mortgage demand,” CUNA Senior Economist Steve Rick commented. Combined with the slowest savings growth, credit unions need to look elsewhere to fund the loans.

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