First mortgage originations during the first quarter of 2009 were up 40% over the first quarter of 2008, to $25.7 billion. The $13.9 billion in resold mortgages represent significant portion of this origination volume. The 176.8% growth appears to be the result of risk aversion. Putting mortgages originated in this low rate environment in the loan portfolio has struck many credit unions as an inefficient use of capital. Combined with rising first mortgage delinquency, up 78 bps over the last year to 1.46%, credit unions are even less likely to shoulder the rate risk at this time.