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Debunking Myths on Banking and Credit Access

October 10, 2008 - Michigan Association of Home Builders

MAHB President Greg Powell and CEO Bob Filka met this week with leaders of several state trade groups to hear from banking industry experts offering insight on Michigan's lending environment. Contrary to what you may be reading in the headlines of your newspapers, Greg and Bob learned that Michigan's banking industry (unlike some states) is very stable and lenders are looking to make loans. In fact, 98 percent of Michigan's banks are actually "overcapitalized" by regulatory measures (i.e. they don't have liquidity constraints). Interest rates are low and even individuals with decent (not necessarily good) credit are able to secure financing for home improvements, new construction, and other purchases. This is an important message that we all need to relay to people when we have the opportunity. The MAHB is actively working with the Michigan Association of Realtors, Michigan Chamber of Commerce and other state trade associations to develop an earned media campaign to spread this message to consumers around the state. We know times are excruciatingly tought in many corners of the state and it is hard to say anything positive right now. But, this is positive news. Spread the word.

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