We agree with David Reiss that credit unions could benefit from increased competition resulting from a privatized mortgage market (“Professor Says CUs Should Back GSEs’ Privatization,” March 2, page 3) provided, as he states, that “they maintain their access on par with that of larger financial institutions.” Otherwise, credit unions could be at a serious disadvantage, particularly as they lack the ability to raise outside capital.

In such an environment, credit unions would need a large, trustworthy partner in the capital markets to efficiently provide the low-cost funding needed for mortgage origination. For many credit unions, the Federal Home Loan Banks have been that partner and could be for many more.

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Peter Westerman


Credit Union Times

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