Financing: Can We Even Get A Loan?
October 07, 2008
With all the news all of us hear on the national news about loans we decided we needed to go straight to a local source. Donna Stryker is the Senior Vice President at First New Mexico Bank. We have found her to be an excellent source of information. Donna has also been kind enough to answer any questions that you may have so please e-mail us and we will be glad to get all your questions answered.
In the last two weeks, I have had numerous phone calls from family, friends and customers inquiring what is happening in the banking and mortgage lending and how it is affecting me. Each time I share with those who ask, that I am good and work for a very safe bank that follows prudent business practices. I tell them I stay busy with loans, which they are often surprised due to what they hear on the news. However, what doesn't get heard on national news is how well our community is doing.
Although the real estate markets and their subsidiary businesses have seen a slow down from the boom we experienced for several years, we still have a strong economy that continues to support our local community. With the strength of White Sands Missile Range, the Border Patrol, New Mexico State University, the medical field, and the wonderful weather we have, people are still moving to Las Cruces and we need to maintain a positive outlook in Las Crucesand southern New Mexico.
If there was a way to relate to the public, the facts with complete information and realities, there would be less confusion. In response to that, I would like to offer the following that I have received from what I consider to be reliable sources*.
Did you know there are 20 major markets in the United Statesthat are of major concern regarding declining property values and foreclosures? Las Crucesis not one of those markets.
Did you know community banks are still safe and focused on doing what is best for its customers and communities?
Did you know community banks are continuing to make loans? We still lend money for home loans, construction loans, business loans, car loans, and other consumer loans.
Did you know the United States regulatory and financial climate will probably look remarkably like the climate of five or ten years ago?
Did you know that in reality, "the changes we see, and will continue to see are not a "new environment"? It is simply a return to more traditional norms of the past before cheap money inflated asset values, undermined lending standards and encouraged excess risk." (quote from Kiplinger Report, by Jerome Idaszak and Renuak Rayasam)
None of this is to say that life is not different today in the financial markets than one year ago, or even one month ago. What it does say is that we in the community banking industry, are still in business, following the regulatory rules, listening to our auditors and doing business in a professional, honest way. We keep our customers, both depositors and borrowers, utmost in our minds at all times.
Consumers are looking for everyday money management, financial security, financial responsibility and assistance for planning for their future. Visit your local bank, introduce a new or re-establish a relationship with your bank officers and employees, and together we will once again see ourselves through interesting times.
Senior Vice President
First New Mexico Bank
3000 E. Lohman Ave
Las Cruces NM 88011