Missing the point

I believe Mike Welch's May 17 column "Harassing Mica won't eliminate predatory lending" about Jim Blaine misses the point. In North Carolina alone, over 50,000 families have lost or are in the process of losing their homes due to predatory mortgage loans by unscrupulous mortgage brokers and finance companies. This problem has reached epidemic proportions, and not just in North Carolina. Moreover, Jim Blaine is not alone. One hundred-twenty credit union CEOs immediately signed up publicly to support legislation prohibiting predatory mortgage lending in North Carolina. And because of that support, the legislation passed the North Carolina legislature last summer almost unanimously. Do you know how widespread a problem has to be before a large group of bipartisan credit union CEOs take a public political stand that requests additional regulation for themselves as a means of stopping the unscrupulous actors? I cannot think of another example during my 17 years of service as a credit union CEO. I recently met with a widower whose home of 30 years had just been foreclosed. With tears in his eyes, he handed me his loan documents which showed $15,000 of upfront fees for a $29,999, 14% mortgage loan. After a dozen such meetings, you begin to understand the passion that Jim Blaine, and others, have for this issue. Yes, I am proud of the North Carolina Credit Union League for providing leadership. And yes, I feel priviledged and humbled to be associated with 120 credit union CEOs who took a stand for vulnerable families, despite ferocious, big-bucks political opposition. And yes, I believe Dan Mica and CUNA will provide strong leadership against predatory mortgage lending as this fight moves to the national level. We will welcome the help. Martin Eakes President/CEO Self-Help Credit Union