Letter: Russ Munson’s platform includes jobs creation - Lodinews.com: Letters To The Editor

Letter: Russ Munson’s platform includes jobs creation

Posted: Saturday, November 1, 2014 12:00 am

Jane Lea put the blame of risky loans on Russ Munson because he once served briefly on the board of directors of Pacific State Bank. Most people who have not worked in this industry blame the banks, because that is what our government does as well.

Prior to my retirement, I worked in the financial services industry for 34 years, the last 16 years in residential mortgage loan underwriting for entities that sold their mortgages in the secondary market, including to FNMA and FHLMC. These entities must strictly follow governmental guidelines.

I also worked for a few years for an entity making mortgages for their own banking portfolio. This entity was not as tightly controlled by the government, but still had ample government oversight.

During these 34 years, I have witnessed many “boom and bust” cycles. These cycles are created by our government’s reliance on easing money lending restrictions to stimulate the economy via construction increases, thus creating riskier loans. It is time that our government rethink this type of stimulation, which can only lead to extremes, including the extreme hardships for many families of losing their jobs and homes, banks failing and businesses going bankrupt.

The government’s emphasis should be to create more well-paying jobs in a variety of industries on a steady basis.

Russ Munson’s platform includes creating more jobs in our county and that is why I support him.

Gertie Kandris

Woodbridge