Word: loan
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Dates: during 1960-1969
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Bert Greenfield, a partner in Chicago's Fidelity Loan Bank, recalls a woman who pawned a necklace and ring for $25,000. "She came back recently to redeem her pledge and claimed she had doubled her investment...
...property has always been controlled by whites. Freedom National's chairman is Jackie Robinson, a Negro folk hero who holds his position mostly for his name's sake. Operative boss is President William R. Hudgins, 56, who came to the new bank from a small savings and loan association. Hudgins was born in Virginia but has lived and worked in Harlem for 37 years, and can remember when "the Childs restaurant on 125th Street turned me away because I was a Negro. I still am, but Childs has changed and Harlem is changing...
...discount-rate hike might seem small to laymen-it rose from 4% to 4½-but the impact on housing is substantial. On a $20,000, 25-year mortgage, an increase of ½% raises costs by $6 a month, or $1,800 over the life of the loan. Conventional mortgage rates have already started to climb-to as much as 6¼% in San Francisco, Houston, Cincinnati and elsewhere-and are likely to rise a bit more. Hardest hit will be the Southeast, the Southwest and the Far West, which have to import much of their mortgage money from...
...which Harlem is not changing fast enough to suit Hudgins and many other Negroes involves the lending policies of the white banks. Negroes complain that these banks are quick enough to make short-term, high-interest loans on such repossessable goods as TVs and automobiles, but are notably cool when it comes to real-estate and small-business loans that would help Harlem more. "The other institutions," says Hudgins, "are not carrying their share of the burden. They do not relate themselves to the com munity." Freedom National makes consumer loans in competition with the five big banks, but real...
Virtue in Thrift. Almost like a small town banker, Hudgins gets personally involved in many loan applications. Doubtfuls usually wind up in his second-floor office to plead their cases, frequently get their loans after careful investigation. "We only take bankable situations," insists Hudgins. But these include some situations that most other banks would not touch. Examples: a small businessman who found himself in hock to a loan shark to the extent of $3,000 a month persuaded Freedom National to take over his loan, now pays only $600; another businessman who asked for $10,000, instead was given...