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Survey: Two Out of
Three Consumers Say Mortgages Harder to Obtain
The credit crunch is impacting not only consumers’ ability to get credit,
and how they use it, but also – for some – their mindset towards financial
institutions, according to a nationwide survey conducted by Deloitte’s
financial services industry group. According to those who have attempted to
secure several types of credit and mortgage products over the past year, a
majority found it to be more difficult. Deloitte’s survey revealed that of
those who applied for a home mortgage, 67 percent found it more difficult;
for a home equity line of credit (HELOC), that number was 65 percent. More
than three-quarters (76 percent) of those who applied for small business
financing found it more difficult, compared with one year ago. Despite the
negative headlines that financial institutions have been receiving, the
survey found that two out of three consumers (67 percent) held the same
perception of their primary financial institution as they did before the
crunch. The survey also asked questions related to credit cards, the housing
market and how presidential candidates are addressing economic issues. Read
more.
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IRS Extends Deadlines for
Weather Disaster Victims in Six States
The IRS postponed until Aug. 29 the time to
file certain tax returns, to make certain tax payments and to perform
time-sensitive acts for storm, flood, and tornado victims in presidential
disaster areas in six states, mostly in the Midwest. Previously, these
deadlines varied by state, and the postponement provides people affected by
the disasters with additional time. Neighboring states of Indiana, Illinois
and Wisconsin are included. Read
more.
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State Insurance Consumer
Advocate Announces Launch of Office's Website
Michigan's Automobile and Home Insurance Consumer Advocate Melvin Butch
Hollowell launched a new website,
www.michigan.gov/lowerratesnow, designed exclusively to provide
consumers with valuable information on automobile and home insurance rates.
Hollowell also announced the office's major objectives including a plan to
revisit how insurance affordability is defined in Michigan, and a No Fine
Print Initiative, which seeks to reform the way insurance policies are
written so consumers can clearly understand what is covered and what is
excluded. The website serves as an informational resource and engagement
tool for consumers. An "e-Feedback" section allows citizens to comment on
issues like credit scoring, and an "ABCs of No Fault" section explains the
basics of No Fault insurance in understandable terms. In announcing his
initiative, Hollowell said a recent national safety study by the Allstate
Insurance Company ranked Michigan's drivers as some of the safest in the
United States.
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Plante & Moran: Middle
Market Businesses in Midwest are Optimistic
Despite a down economy, more than two-thirds of middle-market business
leaders are optimistic about the continued growth of their businesses,
according to a
new research study by Plante & Moran, PLLC. The multi-industry research
study explores the perceptions of business executives and company owners in
a variety of industries – including construction, financial institutions,
healthcare, manufacturing and distribution, public sector, real estate and
service industries – surrounding current and future economic conditions in
the Midwest (specifically Michigan, Ohio and Illinois). The study also
measures the attitudes of these stakeholders relative to opportunities for
business growth within their respective geographic region.
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High-Crash Intersections
Targeted by Law Enforcement this Week
Motorists be forewarned: run the red and you may be paying the price. Law
enforcement agencies in 19 counties are patrolling high-crash intersections
in their communities during
Intersection Enforcement Week, July 20-26. Agencies are conducting
dedicated patrols at high-crash intersections with traffic signals in an
effort to reduce crashes, injuries and deaths. Agencies analyzed local crash
data to determine the high-crash intersections and the best time of day to
set up enforcement patrols. In many areas, a spotter will alert other
officers when a motorist runs a red light or commits another traffic
violation in the intersection. Red-light runners face up to $120 in fines
and three points on their driver licenses. A list of planned times, dates
and locations of intersection patrols is posted
online.
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