Authors: Joan Early
“You’re just trying to trick me. Don’t worry about me. There are still a lot of people here that you have to answer to.”
“I’m prepared to do just that, Mr. Watson. For the sake of clarity I’ll ask your counsel, Mr. Paxton, to address the validity of my comments.”
Paxton hesitated. “I would feel better speaking to my client in private.”
“I would have preferred to do that as well. Did you read the article in the newspaper that contained certain allegations made by this group?”
“I read the article, Miss Cross.”
“Then surely you recall the line charging that Susan Cross refused to rectify this blatant injustice. The injustice is that such an allegation was printed. Susan Cross allegedly refused to take action to satisfy the people, so now we’re here to do just that. Now please, sir, address the validity of my earlier statement. Was this a legitimate rejection or an act of discrimination?”
“Presuming your facts are in order, there were sufficient reasons to deny the loan.”
“Thank you, Mr. Paxton. Before we proceed, which one of you will take this matter to the bankruptcy judge?”
Perry spoke up. “I will, Miss Cross.”
“Thank you.” She looked at Mr. Deeds, who nodded and smiled. She then turned to the other man.
“Mr. Williams, the rejection of your loan was a simple matter of debt to income. Your current obligations exceed your stated income, which would render you unable to repay this loan.” Her jitters were completely gone. She was in charge.
“You are named in a paternity suit in the Harris County courts. A Cynthia Stiles has obtained a judgment against you for support of a minor named LaShea. Once the monthly child support of five hundred and fifty dollars is deducted from your current earnings, there will not be enough disposable income to qualify you for this loan. I’m sorry. Do you have any questions, sir?”
He mumbled no, and took a seat. Susan did not want to gloat, but she was once again grateful to the man who had taken the time to explain every facet of lending to her.
“Next, please. Who is next?” She looked and saw only lowered heads. “Rev. Cartwright, what’s going on? I thought you had at least eleven applicants who came to question Sealand’s practices. We have press coverage, which your group was seeking, so where are the complainants?”
Will stood and asked Rev. Otis to also stand. “He is the one responsible for the newspaper article, and he’s still planning to purchase the house he applied to buy. I’m sure he would like to have a definitive answer from you as to his eligibility.”
“Certainly. Mr. Bishop, would you get the file on Frank Otis? Please remain standing, Rev. Otis, and give your verbal approval for me to reveal the reason your loan was denied.”
He glanced sideways at the woman next to him. “I give my permission.”
“Rev. Otis, I’m prepared to give an in-depth account of this denial, but simply stated, this is also a matter of debt-to-income ratio. Your credit check proved satisfactory, but your income didn’t support an additional debt of almost fifteen hundred dollars per month.”
“Explain yourself, young lady. This is my wife, Aretha. She’s a postal employee and makes a good salary. We have few debts. I’m also a postal worker and a servant of the Lord. Together, we have a good income, so go ahead with your explanation.”
His trim, tidy wife rose and stood at his side.
“Rev. Otis, your loan had been approved until it was discovered that you co-signed an auto loan that has a very large balance. The other maker on the note is Millie Hampton, and the balance is over $40,000.”
“Millie Hampton! You co-signed a loan for that tramp?” Mrs. Otis’s hands went to her hips, her eyes blazed. “Now I’m the one who wants an explanation!”
“With all due respect, ma’am, that has nothing to do with my personal qualifications. That was just helping a friend.”
“This debt is a contingent liability, meaning you are liable if Ms. Hampton fails to pay. The past pay habits and the status of the loan at the time you applied with Sealand indicated that you were going to be called upon to help satisfy this debt. The auto loan was delinquent back when we checked your credit. I had someone update the records twice, and that loan has now been turned over to Apex Adjusters. I believe that’s a repo firm. Now unless that car sells for the balance owed, you and Ms. Hampton are liable for the difference to Banner Bank and Trust. You were advised of this action several times.”
She held up copies of letters addressed to Rev. Otis. “Of course the bank sent your mail…let’s see…the address you listed was the same as Ms. Hampton. Do you reside there, sir?”
“He does now!” his wife said, slinging her purse over her shoulder and storming out of the room.
“I’m sorry for any embarrassment you have endured here today, but, again, this was not my idea. Now, I would like for Mr. Paxton to affirm that each reason given for rejection of these loans was legitimate.”
“Miss Cross, you have covered some very subjective areas here today. Some of the decisions could have gone either way.”
“I beg to differ, counselor,” Perry said, standing. “No lender would make a loan to a borrower with an outstanding delinquency of $40,000, unless that amount represented only a small fraction of his income. If you or anyone in your group considers these matters subjective, then let me suggest that we take this to mediation.”
The room became hushed. Susan noticed an approving smile from Mrs. Whitehead. A woman stood and raised her hand. Susan had no problem with the likes of Rev. Otis or Mr. Watson. They were clearly not upstanding men, but it was the honest face standing before her that touched her heart.
“Yes, ma’am? May I have your name and your consent to discuss your file here today?”
“My name is Eunessa Parker. When I went to buy the house, the man in the office looked at my information and said I would qualify with no problems, but your company turned me down. My husband was permanently disabled in Desert Storm, but he gets a good pension and I have a good job. I just want my family to have a nice home.”
Accepting the file from Price’s hand, Susan knew that somehow she had to make this right. She knew that for each Frank Otis in the room, there were two honest individuals who had been wrongfully denied credit.
“Mrs. Parker, you have excellent credit, job stability…you’ve worked for the same company for fifteen years. That’s very commendable.” She closed the file.
“You applied for a FHA loan, but the amount of your purchase exceeded the maximum FHA loan amount. That’s the only reason your loan was denied. Sealand’s loan personnel should have fully explained that to you, and if they did not, I apologize on their behalf. Your loan was reworked under conventional guidelines. It will be approved, but will require more money down. Are you still interested in purchasing this property?”
“Yes, I am.”
“I’ll hold your file and personally assist you with the paperwork. I’m pleased to say that Sealand will participate in a program designed to assist borrowers such as yourself with their home purchase. Because you have such good credit, I’m sure you’ll qualify, even if Sealand has to assist with the down payment. I’ll give you my card before you leave. Call me at your convenience and we’ll work this out.”
Turning to Will, Susan said, “Rev. Cartwright, there were quite a few files, sixteen I believe, for which additional information is needed to secure loan approval. The program I mentioned will offer the assistance to enable some of the others to qualify as well. The ceiling for this program is $160,000, and the requirements parallel those of FHA. I would be happy to provide information on this and other programs that could benefit many of you in purchasing a home.”
Will stood, smiling for the first time. “Thank you, Miss Cross. We would appreciate any information you can share with us.”
“I’ll gladly hold a home-buying seminar here or at your church on any Saturday. On behalf of Sealand, I offer my services and those of our lending division to help each of you obtain the loan for which you applied. I can assure financing for most of you if you still want to purchase a home in Cedargrove or elsewhere. Letters were sent that should clarify the information needed. There is no need to reapply. Just call a member of our lending team, or call me, and we will be happy to assist you. I previously offered to waive the origination fee, and that offer still stands.”
She returned Will’s nod and he sat down.
“Would anyone else in this group like to come forward at this time?” she asked. “Then I am assuming that all questions have been answered to your satisfaction. In conclusion I should add that, as Sealand’s representative, I deeply regret this meeting becoming necessary. Sealand is an old and very reputable institution. We’re in the business of making loans and, yes, we have to make money as well, but it is now my responsibility to ensure that we do so in ways that are mutually beneficial to all citizens, regardless of where they’ve chosen to live. As long as I’m in charge of lending, any denials of credit will be fully explained and each applicant given ample opportunity to respond. If I can answer a legitimate question or assist any of you with a problem, simply pick up the phone and ask.” That was her final word to the man she deeply loved.
When he stood to speak, her heart quivered.
“In view of the events that unfolded here today, I wish to offer you an apology, Miss Cross. When I return to my office, I will make that a formal apology to you and to Sealand.”
“Thank you, Rev. Cartwright.”
The room emptied quickly. Afterwards, Mr. Deeds came up to congratulate Susan. He wanted to know if he could be of further service.
“I would like to meet with you later, in private.” Susan was still filled with anger each time she thought of the possibility that she had been the intended scapegoat for Price’s mistakes.
Price, who had kept his head mostly down since he was introduced, moved to leave, but his exit was blocked when Perry stood to congratulate Susan.
“If you don’t mind, I plan to speak with Deeds about giving you extra help in lending so you can branch across to legal. You were magnificent. Just magnificent.”
“Thank you, Perry.”
Unable to escape the huddle, Price mumbled, “Yeah, congratulations.” He pushed past Perry and hightailed it for the door.
“Thank you, Price. I’m sure you mean that from the bottom of your heart.”
As he stormed away, Perry laughed and squeezed her shoulders. “It’s lunchtime. What say you and I go grab a bite? This whole ordeal took a lot out of me.”
“Sounds great,” she said, following him out of the room. Rev. Cartwright and some of his group were waiting at the elevator. As he disappeared behind the closing doors, she felt that she was seeing him walk out of her life forever, and that thought brought back her pain.
Perry let out a loud yell as soon as they were in the car. “I’ve been in many courtrooms, and I must say that was one fine display. If you had an axe to grind with
Rev. Cartwright, you pulverized him today. How did you get so much information? You know most of that would not have been picked up on a routine credit check.”
“Most of it would have if I was the one checking the credit application, but I owe a lot to Angie Edwards from collections. She looked under stones that no one else could have known about.”
“Get her a raise. Deeds has to be receptive to anything you say right now.”
“I have to admit I’m not nearly as gleeful as I would like to be. Perry, I don’t stand around whining, but something is dreadfully wrong here. I’m also careful in my work. I cross each ‘t’ and dot every ‘i,’ but for the sake of my career, I stood there today and defended a blatant act of discrimination.”
“I’ll never believe you did it just for the sake of your career. Besides, it all comes out in the wash. You can now do things to help the honest people in Cedargrove. So far, you are in full control. No doubt about that.”
“Yes,” she replied, smiling. “I suppose I was.”
* * *
After the meeting, Will left with the others and went to see the only person he could rely on to understand.
“I wasn’t wrong, Pop. She really is incredible. It just hurts to know how angry and disappointed she feels toward me. I’d do anything to get her back.”
His sister Jean had been listening.
“Sounds like you never had her in the first place, or she wouldn’t have turned on you that way. Why would she think you did this, and why would you lie about it? This woman doesn’t know you at all, and in spite of your strong feelings, I don’t think you know her, either.”
“I don’t know her that well,” his father rejoined, “but I know she’s special. Put yourself in her place. She felt she’d been deceived. If you love her as much as I think you do, go to her and apologize for Otis. Say whatever you have to say to get her attention.”
He looked around at Mrs. Cartwright. “That’s what I did with your mother. I begged, and I’m not ashamed to admit it.”
* * *
Susan was not surprised to find a message from Laura on her desk when she returned. Mr. Deeds wanted to see her in the boardroom.
“Come in, Miss Cross; have a seat.” He answered her knock. “I can’t tell you how proud I was of you this morning. Now what would you like to discuss?”
She took a chair. “First of all, I need to stress that the information I used today was factual. If I had underwritten those loans, I would have handled them as I did today. The original underwriters never cited those factors. In other words, the loans were denied for the very reasons alleged by the people of Cedargrove.”
“I suspected as much. How were you able to make such thorough evaluations?”
“I’ll be happy to answer that question, but first I have one for you. Obviously, Price had apprised you of the Cedargrove Heights situation. Did that necessitate bringing in a black face? Is that why I’m here?”
If Susan expected him to be at least momentarily startled by the question, she saw no such indication in his expression. He just looked at her thoughtfully before answering. “I went to Ohio to review the annual budget and overheard a discussion about the woman who was head underwriter. No one in that discussion mentioned that you were black. Later, I accepted a branch manager’s resignation and his recommendation for a replacement. He did say that you were black, and he also used adjectives such as knowledgeable, capable, and trustworthy. Now I admit I heard a few other adjectives, such as well-dressed and beautiful, but they did not sway my decision, and neither did the fact that you’re black.” He smiled tensely.