Marlon G. Cook, a regional manager in the Federal Deposit Insurance Corp. in Atlanta, told those at Tuesday's Coastal Economy Outlook conference that Alabama's financial and real-estate markets are doing better than most of the country.

Cook predicted mortgage credit would "remain under tremendous pressure until the end of the year and into 2009." But, he added, Alabama is doing "relatively well" compared to its neighbors in Florida and Georgia, and when compared to the nation.

"We find good news with ThyssenKrupp, which will bring in about 3,000 jobs," he said. The German steelmaker is building a $3.7 billion steel plant in north Mobile County that is set to open in 2010.

Consumer spending is better in Alabama than in the rest of the Southeast, according to Cook.

Mortgage credit conditions are not as tight in Alabama as in many other states, he said. For example, there were 56,000 subprime mortgages as of June 30, with 1,800 of them the two- and three-year hybrid loans that caused much of the mortgage and foreclosure problem. "These numbers are so low, and that's good for the state,"

He said only 11 percent of the subprime loans in state were issued in Mobile the 2nd largest city.

 What I have noticed, there is still a lot of lenders wanting to lend money in our State,

Take a look at rates this morning, with good credit as low as ........

5.625 for 30 year Conventional loans, 5.75 for FHA  30 year loans

All they ( the lenders ) are asking is that the buyers have verifiable income, prove responsible debt management, have reasonable debt to their income and have a small down payment.  

I am excited about Mobile's opportunity to grow and quality of life for Mobilians.