SANTA FE, N.M. (AP) -- Gov. Bill Richardson has a message for New Mexico consumers: The state's banking system is sound."While tensions run high across the country about the failing banks, delinquent mortgages, home foreclosures, I can say with confidence that New Mexico's banking system is strong, solid and sound," Richardson said Thursday at a news conference.
Leaders of several community banks and the state's banking regulator joined Richardson in saying New Mexico's banks aren't suffering the financial woes that have occurred in other states that have been hit hard by falling housing prices, rising foreclosures and tighter credit.
Earlier this month federal regulators took over the failing IndyMac Bank -- the second largest financial institution to fail in U.S. history. The California-based savings and loan was one of the nation's largest home loan lenders, including riskier mortgages.
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