EXHIBIT 7.1

ERNST & YOUNG
                              Ernst & Young LLP   Phone:  (312) 879-2000
                              233 S. Waker Drive  Fax:  (312) 879-4000
                              Chicago, Illinois 60606  www.ey.com

June 28, 2005

Mr. Michael Helser
Executive Vice President, Treasurer & Chief Financial Officer
Anchor BanCorp Wisconsin Inc.
25 East Main Street
Madison, Wisconsin 53703

Dear Mr. Helser:

This letter confirms discussions that occurred at a meeting held on June 27,
2005 (the "meeting") between representatives of Anchor BanCorp Wisconsin Inc.
(the "Company") and Ernst & Young LLP at the Company's offices.  Attending the
meeting from the Company were Douglas Timmerman, Chairman of the Board,
President and Chief Executive Officer; Mark Timmerman, Executive Vice
President   Operations, Planning, Secretary and General Counsel; and you.
Attending in person from Ernst & Young LLP were Colleen Berry Hiller, the
coordinating partner and Mark Gerke, manager.

As noted in the meeting, we have concluded that the Company:

  *  Has material adjustments to be recorded in its prior financial
     statements to correct its accounting for its participation in the
     Mortgage Partnership Finance 100 Program of the Federal Home Loan Bank
     of Chicago.

  *  Has a material weakness in its system of internal control related to the
     application of U.S. generally accepted accounting principles in
     accounting for its participation in the Mortgage Partnership Finance 100
     program of the Federal Home Loan Bank of Chicago.

Because of the material adjustments required to the 2005, 2004, 2003, and
prior financial statements (collectively, the "Financial Statements"), our
audit reports can no longer be relied upon nor can the related interim review
reports.  Accordingly, please consider them withdrawn.  We recommend to
management that the Company immediately undertake to:

  *  Prepare a press release as quickly as possible disclosing the situation,
     including the fact that we have withdrawn our reports.

  *  File a Form 8-K pursuant to Item 4.02 (b) with the SEC within the
     prescribed timeframe that discusses our notification to the Company that
     our reports on the relevant Financial Statements should no longer be
     relied upon.

  *  Inform recipients of the Financial Statements that our reports have been
     withdrawn and should no longer be relied upon.

                         Very truly yours,

                                /s/ Ernst & Young LLP