building and loan association


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Related to building and loan association: Savings and loan associations

building and loan association

n
(Banking & Finance) a US name for building society
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014
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Washington, noting that half of the homes owned by blacks in Virginia were built using loans from minority-owned thrifts, claimed "the most numerous and popular form of cooperative business in which our people have engaged is that of the building and loan associations." Similarly, W.
He explained how building and loan associations worked and gave stern examples of the practices of loan sharks--which made bank loans much more preferable....
By 1890, the nation's estimated $11 trillion in private debt was segmented along social class lines: while the urban working class turned to pawnbrokers, small-loan agencies, and marginal retailers selling furniture or clothing on the installment plan, middleclass clients patronized more respectable building and loan associations for five-year mortgages for the construction of residential homes.
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