On Wednesday, President Bush raised the specter that the Wall Street crisis could lead to "financial panic and a distressing scenario" in which consumer credit would be hard to find.

"Even if you have good credit history, it would be more difficult for you to get the loans you need to buy a car or send your children to college," Bush said in a televised speech pressing for a bailout plan.

So far, though, Mainers have largely been able to obtain the financing they need to lead their everyday lives, according to local financial officials and others. Conservative lending practices have kept financial institutions here well-capitalized.

Maine lenders didn't get heavily involved in subprime mortgages and risky real estate packages, said Jon Paradise, the government and public affairs manager for the Maine Credit Union League.

"The great thing in Maine is that financial institutions have been very responsible lenders," Paradise said.

Chris Pinkham, president of the Maine Association of Community Banks, agreed.

"The credit standards that the banks have adhered to all along are in place," Pinkham said. "For people who have reasonably good credit and managed their finances, those avenues are available."

In Maine, Pinkham said there is a sense that the national financial crisis of the past few weeks has "pushed a lot of people to the sidelines" and slowed real estate activity. But it's not because buyers can't get loans, he said.

"It's the psychology of it. They're wondering, 'Is it going to be cheaper later?' Or some people don't want to think about selling their house now, or they are just saying they don't want anything new right now. We're not sure what it is," Pinkham said.

That play-it-safe attitude is apparent at the Portland-based Institute for Financial Literacy, which has seen an increase in customers over the past year.

"I am starting to see the shift from consumerism to thrift," said Leslie Linfield, executive director and founder of the institute. "I think consumers are looking at Wall Street and saying if it can happen to them, it can happen to me."

That frugal attitude is evident at some lenders, particularly around car loans, Paradise said.

"Used-car loans are up, whereas new-car loans are down," Paradise said. "It's purely a matter of the individual. There is plenty of credit to be lent. Liquidity is very strong right now."

Any slowdown in the mortgage market is due to that consumer caution, several lenders said.

"I think here in Maine, we have a buying public and a selling public that are waiting for a better deal still," said Dick Morin, president of Kennebunk-based Consumers First Mortgage.

Morin said it is harder for some people to get loans than a year ago, when overall lending standards were looser. Buyers have had to come up with larger down payments – up to 20 percent in some cases – and some lenders have raised their minimum credit scores, from around 580, for instance, to 620.

"Relative to a year ago, there are a lot of people who could finance then who can't today," said Morin, who has been in the business for 25 years. Even so, he said, people with decent credit can access loans.

Mainers are still able to get financing for car loans, too, said Ira Rosenberg, owner of Prime Motor Group.

"We really haven't seen a difference yet, (but) we know it's coming," said Rosenberg, noting that his dealerships do in-house financing for about 85 percent of their car loans. As the credit market contracts, he expects more customers will use dealer financing.

Staff Writer Noel K. Gallagher can be contacted at 791-6387 or at:

ngallagher@pressherald.com