By Mark Jewell
AP Personal Finance Writer

BOSTON (AP) — While it may be more Main Street-friendly than last fall's initial bailout, don't expect the financial relief overhaul announced Tuesday to be an equal-opportunity plan.

If you've got a decent credit score, expect borrowing options to grow soon, says Nariman Behravesh, chief economist with the Lexington, Mass.-based research company IHS Global Insight. But don't hold your breath if your rating is nothing to write home about.

In an interview, Behravesh discussed his expectations for a plan that includes a projected $1 trillion partnership between the government and private investors to unclog credit markets. He expects interest rates for a range of consumer loans will decline, much as mortgage rates hit historic lows weeks after the Federal Reserve announced plans in late November to buy up to $500 billion in mortgage-backed securities.

Here are excerpts from the interview:

Q: What do you think the revised federal bailout will offer folks on Main Street?

A: Interest rates will come down, credit conditions will ease. The operative term here is "those who qualify." Whether it's for mortgages or car loans or whatever, if your credit score is good, then I think it will be easier for you. If it's not, that is not going to change things too much for the families and small businesses whose credit scores and records are poor. That will take longer.

Q: Why won't the benefits also reach people with lower credit scores — say in subprime territory of 600 or lower?

A: Because companies that might now be willing to extend credit to people with decent scores are still too reluctant to extend it those with lower scores. The pendulum has swung in terms of caution. You might get some people with a middling credit score to do OK. But for people who don't have good scores, it will continue to be tough to borrow, at least for another year.

Q: What will need to happen before people with lower scores see more credit flow their way?

A: Better economic times. That is the reality.

Q: How might the government's plan to buy so-called toxic assets from banks trickle down to benefit consumers?

A: As long as these toxic assets remain on balance sheets, banks are very worried that their asset liability position is very vulnerable, and that they could potentially become insolvent — especially if the value of these toxic assets gets clobbered again by the markets. As long as these toxic assets remain on balance sheets, banks are very reluctant to make new loans and add to their liabilities — regardless of how good the loans are.

But if you can get them off balance sheets, then they are much more willing to lend, and credit really begins to flow. The first part of TARP (the Troubled Asset Relief Program) did nothing to encourage new lending. The capital put into the banking system essentially just went nowhere, because the banks just sat on it because they were worried about their balance sheets.

Q: What do you think of the bailout changes overall?

A: (Treasury Secretary Timothy) Geithner is right that there is this negative interaction between the financial crisis and the economy. Until a couple months ago, the financial crisis was dragging down the economy. Now, the economy is dragging down the financial sector.

You clearly have to get the economy kick-started, otherwise it continues to drag down banks. At the same time, you've got to tackle the financial crisis, because otherwise fiscal stimulus gets undermined, the credit crisis continues and there's not enough lending.

We can debate whether this is big enough. I think they are probably going to need more money. But they are on the right track.

Copyright 2009 The Associated Press.

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