Itâ€™s a sad day when a piece of a cityâ€™s history is forced to downsize due to changes in its industry and dynamics of business in general. Itâ€™s harder still when controllable factors contribute to force that move.
After 68 years, The McCue Mortgage Company has decided to leave its loan origination business to someone who is bigger and stronger - and headquartered somewhere other than New Britain.
â€śIt made no sense to continue originating loans,â€ť William McCue said in announcing his decision.
Fortunately for his employees and for us, he made a deal with New York-based Homestead Funding Corp. to not only take on his people, but to keep a branch office in New Britain - in the same offices they were in last week.
They may even get better opportunities because of Homesteadâ€™s size and reach. And because itâ€™s a multigenerational family company, the culture matches what McCue has provided through its third generation.
But a major cause of the move is the law of (hopefully) unintended consequences. McCue put part of the blame on a change in state laws that increases the time to complete a foreclose from six months to three years.
At the time of implementation, it was probably seen as a way of protecting homeowners who were under water on their mortgage. But as we too often see in government action, the cost of the reprieve was neither calculated nor allocated. So companies, especially smaller ones with the least resources, are stuck with the tab. Like McCue.
So another business gets smaller. We say â€śthatâ€™s too bad - at least they got jobs.â€ť But thatâ€™s thanks to a community-minded businessman and his family looking out for his people. What happens when we run out of them (and we are)? Maybe itâ€™s time to start thinking about building an environment in this state thatâ€™s good for all people, including those that have made the commitment to build their businesses - and raise their families - here for generations.
The generations to come are what we are worried about. We need to lay the foundation for the future - and time is running out.