Financial panelists urge calm, caution, stress relief

ALBUQUERQUE (KRQE) - ALBUQUERQUE (KRQE) - With investor and consumer fears mounting KRQE News 13 on Friday devoted much of its early news hour to a panel of financial and stress experts who took calls and questions.

No one has all the answers, but the panelists at least understand the questions.  For the best part of an hour on KRQE News 13 at 4 p.m. they took questions from worried New Mexicans.

"What are they going to do for the people who've already lost their home?" one woman caller asked.

Callers wanted help.

"Before you get that far down the road, contact your servicer or your lender," John Snyder, president of the New Mexico Mortgage Lenders Association said.

Callers and viewers learned more about the $700 billion rescue plan and that it's not intended to directly help individuals.

Afterwards News 13 asked each of the four panelists what they thought was the most important thing people should know.

"The question of timing I think is critical," certified public accountant Roger C. Nagel said.  "If you don't need to liquidate assets and convert them to cash, this isn't a good time to sell."

"The ability to buy or sell houses is still there for them," Snyder said.  "I think the average time on the market I saw was less than 60 days.

"That may seem long based on the last couple of years, but in the late '80s and the '90s we saw them sit out there for 100, 120 days."

H. Patrick Dee, President of First Community Bank, said loan conditions are a little tighter, but banks are still in the business

"Banks in New Mexico are in good shape and are continuing to loan money," he said.

Dee also stressed deposits are safe and that people should not withdraw money and stuff it in a mattress.  "They're running the risk of someone stealing it from them," he added.

Stress counselor Danielle Cossett said worried people should find productive outlets for concerns like taking a walk or getting involved politically.  Parents should also address their children's fears.

"We really need to take a breath and not panic," Cossett said, adding, "Children hear all sorts of things that may be very stressful for them.

"So help your children just understand what's going on on a basic level."

It's tough to gauge the impact of the financial crises on New Mexico because few companies are outright laying people off.

There are hiring freezes and budget reductions which don't get reported and stay under the radar.

KRQE | Reporter:  Michael Herzenberg | Web Producer:  Bill Diven