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(248) 737-0444
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Saturday

I) I S rf I \ C 11 1

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*Annual percentage yields (ARV) effective 6/1/91 and are subject to change without notice.
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,

with a presence in Ann Arbor,
but not yet active in Detroit, is
KeyBank.
Speculation is high among
banking industry insiders that
several of the other leading local
banks, like Old Kent (based in
Grand Rapids), First of America
and even Comerica, could them-
selves soon be absorbed. Most in-
triguing is the tabletalk that
even some of the absorbers like
Huntington will be targets. Al-
most surely, the consolidations
are far from over.
One example that Franklin's
Mr. Dunn points to is Flagstar,
"a locally based savings and loan
that just went public — they had
been privately owned. They are
a little like me (Franklin) but in
a different context, in that they
are a very niched player.

market account, you have the added availability of chec

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"They are almost exclusively
a residential mortgage lender,
and the vast majority of their
lending is what we call 'whole- —\
sale,' meaning they buy mort-
gages from smaller shops,
principally independent mort-
gage companies.
"We got out of the residential
mortgage business," said Mr.
Dunn "We had gone from 40 res-
idential lenders in Southeastern
Michigan to pushing 400, and
that figure is about a year old.
That is not a growth market. —\
There is still not a big housing
market." -
So why the explosion of pri-
vate mortgage companies jump-
ing in to fill the void? "Ease of
entrance," explained Mr. Dunn.
"It's very easy to get into the mar-
ket now. That's because of Fan-
nie Mae and Freddie Mac. They
have an unlimited amount of
funds on the supply side, and
they're chasing a limited amount
of demand."
In Ohio, if you access your
bank account by telephone more
than four times a month, your
friendly bank will levy a $2 fee
against your account, even if
you've only talked to a robot. Is
that happening in Michigan as
well?
"Some banks are charging for
telephone banking," said Mr.
Dunn. "I think there are some
huge philosophical issues there
in terms of pricing. What's hap-
pening is that electronic bank-
ing, from a profit standpoint, is
a great opportunity for banks.
Consumers and businesses are
demonstrating that they like it,
and want it.
"I don't think anybody believes-

