James Maynard Jr.: Simply stealing

January 19, 2013 

Simply stealing

Regarding Ned Barnett’s Jan. 13 column “Pursue those who caused crisis”: As a retired 35-year veteran of the mortgage business, I agreed with Barnett concerning the various “sins” that have occurred related to the housing and mortgage industries.

His comments concerning the Community Reinvestment Act were especially welcome. Those on the right like to point to this law as the beginning of the housing collapse. Facts reveal a different story. It was not the regulated lenders, such as banks, that made most of the irresponsible loans but rather the unregulated lenders (such as mortgage brokers) that had no oversight.

I have no sympathy for the bleating from the banking industry about being over-regulated. Those still in the business need to realize they are on probation as an industry for negligent, immoral and probably criminal acts. It is shameful so few have been sent to jail. Stealing is stealing whether you do it with a gun or a pen.

There is a lot of blame to be shared, but most of these people knew exactly what they were doing. I could not agree with Barnett more that President Obama’s administration has done a terrible job addressing the housing crisis.

James Maynard Jr., Pinehurst

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