A
t'
Thursday, 13. 1989 - THE CHARLOTTE POST - Page 3A
BUSINESS rn/s week
South's S&L Boards Still 'Lily White'
Opntinued From Page lA
"The Illy white makeup of the
boards of directors goes a long
way toward explaining the racl3
disparity In employment and
lending practices by these Insti
tutions," said Meredith Emmett,
executive director of the Instl-
^te. 'The same good ol' boy net
work that excludes blacks, Hls-
•anlcs, and women from their
policy-making circles also Ig
nores outreach programs that
S ’ould attract minority home
uyers,"
Earlier this year, the Atlanta
Journal-Constitution published
w analysis of home k»ns made
by the nation's S&L Industry be-
ween 1983 and 1988. It showed
5iat blacks were rejected for
mortgage loans at more than
bvlce the rate of whites (a 23.7
percent rejection rate versus
11-1 percent). In nine of the 13
States surveyed by the Institute,
me top 10 savings and loans
Sold over 60 percent of the as
sets - Including home loans - of
IJie state's entire S&L Industry.
• "These Institutions are asking
Ijie public for billions of dollars
for the largest bailout In Ameri
can history." said Emmett. "The
public has every right to ask
how weU they have been serving
their communities. What would
taxpayers get In return for pay
ing the $1,000 a piece that Bush
wants for his bailout plan?
"Unfortunately, the evidence
shows that S&Ls have been In
sensitive to the needs of the
people on their neighborhoods,"
she added. 'They have failed to
Implement the Idnds of affirma
tive action remedies needed to
correct years of conscious and
unconscious racial bias.
"Without changes at the top,
we can't realistically expect
changes In behavior at the
neighborhood level - In lending
and employment practices," Em
mett concluded. "And without
greater public accountability,
we shouldn't continue providing
government-backed Insurance
for their depositors or pay a
nickel to ball out those now In
trouble, let alone the $1,000
Bush wants."
:CHARLOTTE
Total Assets
a
; Home Federal Savings
(Mil$)
' &Loan
•
492
1
; N.C. Federal Savings
■ &Loan
K
719
! Southeastern Savings
; & Loan Co,
551
Msmbefs
12
10
13
Madans Announces Bid
^ntiniied From Page lA
Harvey Gantt In 1987, hasn't
benefltted other areas, Madans
said. Instead of shifting growth
to underdeveloped areas, the
dty builds roads.
• "They're not going to be able to
fix the problem, only beindage It,"
l}e said.
;The city's promises to help the
westslde In development and
IJnproved services have yet to be
realized, leading to discontent In
the predominant^ black area.
I An effort by westslde residents
tp defeat a $100 million road
bond package failed last year.
I "They have listened for years
4bout how their lot Is going to be
improved," he said, "but it
hasnt."
Madans accused Myrlck of be
ing a puppet of city council, un
able to follow her own agenda.
"Who Is she listening to when
(members of city council) can
get on television and tell her
how to vote7' he asked.
With Rousso expected to an
nounce his candidacy soon, Ma
dans said he knows he Is the un
derdog. That can be changed,
though.
'We'll have to come from all the
way behind," he sadd. "All we
have to get is one more than half
(the vote)."
KIRK D. WILLIAMS, M.DJ
Board Certified
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Adequate Parking In Rear
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for
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DR. ABDUL ALIM MUHAMMAD
Of Muhammad's Mosque #4 (Washington, D.C.)
Saturday, April 15, 1989
7:30 P.M.
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(3801 Beatties Ford Rd.))
For More Information Call:
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