The New Community Guide (Tulsa, Okla.), Vol. 8, Ed. 1 Thursday, November 24, 1977 Page: 4 of 36
This newspaper is part of the collection entitled: African-American Newspapers and was provided to The Gateway to Oklahoma History by the Oklahoma Historical Society.
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24,1977
PAGE FOUR 1
Robert K. Goodwin, Publisher
p i 'f tgage credit will hare to
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Lamb, Rabbits
ii
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11
10:00 to MB
v. <
Diamonds in F<
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11
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ML fflKDON OF DfUCATiSSEN COW
am AND CHEESE. 248-2990
Monday * Saturday 10 am • 6 pm
Food Stamps Woteaiwo — Ctasad Thanksgiving Day
U.S.D.A. Primo Beef
U.S. Ma. 1 Solect Park
Diamonds beautifully adorned for Christmas
in 14 karat gold.
All diamonds: earrings, pair $450;
pendant $275; ring. $300
Elegant gift wrap at no extra charge r *
Charge it!
Open a Zales account or use one of five national credit plans.
Down, awe
411 V Are.
MB to $:N pan.
' • tr. ■ . g'J
Redlining Rules Issued
19.00
B5.00
To Be
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a I'
EAGLE
COMPANY
TUISA, OKLAHOMA 74)01
' com sy ■'
Wydur’s
Meat Market
NEW LOCATION
1311 Iff (Next Ta Gtizeas Bank)
poverty
the citi«wjHilpUii*ktKte ito toubco middle||
srneli «— - - —
Hqtod bnK T that refusal-in itpa
EqUOl Vernon E. Jordan. Jr.
H s«i I I t I » ■ > I » • »'
are to be welcomed, but
cannot be a substitute for
other federal actions to direct
reinvestment in the cities or
Redlining is a long-
standing practice that is one
of the causes for the
deterioration of inner-cities.
Finally, the federal gover-
nment is beginning to move
against it.
Simply defined, redlining is
the refusal of financial in-
stitutions to make mortgage
loans on homes in certain
areas. Needless to say those
areas are usually minority
neighborhoods, or neigh-
borhoods that are integrated
or in transition. The term
refers to the red line that is
figuratively drawn around
the affected neighborhood,
with loans refused to property
owners whose buildings are
within the redlined section.
A pioneering study by the
National Urban league some
years back documented
redlining in the Bronx. Local
financial institutions were
taking deposits from Bronx
residents, but made very few
mortgage loans in the Bronx •
- most of those funds went out
of state. In effect, low income
depositors were subsidizing
wealthy distant communities
through mortgages they
themselves were denied
Since that study there have
been many others, in various
parts of the country. All
points to the same conclusion
- that some financial in-
stutitions persistently refuse
to make mortgage loans in
neighborhoods that have
large numbers of minority
people, and often redline
white working class sections
too.
What happens when an
area is redlined? Cut off from
conventional mortgage
credit, owners cannot afford
to maintain their buildings. • [
Houses deteriorate, people
move out, the blight spreads
block by block, and then the
final blow of abandonment
occurs.
The devastation of the
South Bronx is now well-
known; less well-known lathe
process that creates the South
Bronxes. And redlining is one
of the steps in that process.
/
nuto MRIBP^IIHMuited
number of times provide! the
veteran applicant hat; no
outstanding VA-guarartteed
loan.
Flo Boatright, Advertising Manager
Jacqueline Perkins, Secretary n .i«J
mU to'o-ibol* id 1
jteen itfoy
By
GITipE THURSDAY, NO1
Community Guide
Federal laws prohibit
discrimination in mortgage
lending, but are relatively
ineffective against redlining,
since mortgages are refused
on the basis of neighborhood
deterioration, the age of the
building, or other seemingly
neutral reasons.
Now the Federal Home
Loan Bank Board, which
regulates the nation’s more
than 4,000 savings and loan
institutions, has proposed
new rules to curb redlining.
The Board would require
member institutions to
develop written standards to
ensure equal opportunity in
home financing, review
advertising and marketing
practices, consider all
relevant factors in con-
sidering mortgage loans, and
to keep written records of all
credit applications for
review and monitoring by the
Board.
Under these rules people
wouldn't be denied mortgage
credit solely because of thein
lack of previous
homeownership, educational
levels, or a history of job-
changing. And maintenance
of adequate record keeping
will mean that information
for a national urban policy
that would upgrade housing
opportunities and living
conditions for the poor.
Without such a policy there is
a danger that the anti-
redlining steps will just assist
the process of recycling
mghborhoods for,
* Veal, Ducklings
Seafood, Capons ★ Cornish Hens
Boneless Homs * Buffet Hams
Dry Cured Hams ★ Country Hams
Penobscot Roasting Hens
Smoked & Butter basted Turkeys
into effect for 80 days and
may be altered in the interim.
And there will be plenty of
pressure on the board to ease
up both on the regulations and
on their ultimate en-
forcement.
But if the Administration is
at all serious pboul helping ismc
THE NEW COMMUNITY
GUIDE
582-7124
Tulsa. OHah< ma'
P.O. B x 3267
Published at Tulsa.
Oklahoma. Thursdav. by
THE OKLAHOMA FAG IE
PUBLISHING COMPANY,
ffices 122 North Greenw«d
Averue.
Seo nd Class Postage paid at
Tulsa. Oklahoma . •, , .
SUBSCRIPTION RATES
li Continental United States.
Hawaii. Alaska. Puerto Rico.
Virgin Islands.
One Year
Six Months
Single Copy......
THE OKLAHOMA
PUBI1SHING
H;< II!
often hard to come by will
now be available to the
federal regulators.
The Bank Board can en-
force its regulations through
“cease and desist” orders
and court orders forcing an
institution to stop violating
<■> them. For the first tjttn ■
> institutions refusing mor* M .. ______..___ , rii
Leave vxeu« — -__□ WOT’ regidattlMo. -r» _____
!' Segment the reasons ftfnww strong and,, wforce them . mH GI home loan eligibility can
step that should retard
redlining.
The regulations are still
just proposals. They won’t go
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The New Community Guide (Tulsa, Okla.), Vol. 8, Ed. 1 Thursday, November 24, 1977, newspaper, November 24, 1977; Lawton, Oklahoma. (https://gateway.okhistory.org/ark:/67531/metadc1806371/m1/4/?q=1966+yearbook+north+texas+state+university: accessed June 27, 2024), The Gateway to Oklahoma History, https://gateway.okhistory.org; crediting Oklahoma Historical Society.