Word: loan
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Dates: during 1960-1969
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...staff is 98 per cent Negro; the bank is located in the heart of Harlem, on 125th St. between 7th and 8th Avenues; its trademark is made up of an F for Freedom and an equals sign. And 30 per cent of the bank's $5 million in loans goes for first mortgages, a particularly difficult kind of loan for a Negro...
...talk about race goals, Hudgins is a businessman first and a Negro second, and there is little evidence to show that Freedom National has had any substantial effect on Negro ownership in Harlem. The bank has made one large loan, for the purchase of a large furniture store in Harlem by a Negro businessman. This purchase is significant because most Negro businesses are small, service-oriented firms such as beauty parlors and liquor stores. But reliable sources indicate that Freedom National's loan policy and loan rates are not significantly different from those of any other bank in Harlem. Half...
Only in one respect does the bank's loan policy differ significantly from that of white banks. It is the largest participant in Small Business Administration loans in the city. Since the Federal Government insures these loans up to 90 per cent of their value, the bank takes on a smaller part of the loan risk. It can extend credit to businesses too small or new to have amassed enough profit to finance desired improvements. But even in this category sources from inside the bank indicate that 40 per cent are going to firms located outside of Harlem. The bank...
...year's second quarter ends this week, and for savings and loan associations that is a time when depositors are tempted to pocket their quarterly dividends and then pull out their mon ey. To prevent wide-scale withdrawals and to attract funds for mortgages, Los Angeles' Home Savings and Loan Association, the nation's biggest, boosted the rate on regular passbook accounts from 5% to 5¼% , and on longer, 36-month savings to 5¾% . Other S & Ls followed suit but may be squeezed for profits at these rates because many are less efficient than Chairman...
Once again, all good bankers have had to come to the aid of Britain's pound. After an emergency $3 billion international loan in 1964 (still not paid back), and another $1 billion res cue in 1965, the Bank for International Settlements and eleven countries last week had to renew the billion-dollar bundle for Britain. The pound, which two weeks ago had dropped to a 15-month low of $2.78 27/32, rallied to $2.79 2/32. But in the finance ministries and central banks of Europe and North America, money managers were asking: "How long, O Lord, how long...