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When Franklin D. Roosevelt addressed a group of credit unionleaders in Georgia in 1929, he praised them for the moral characterof their work and then told them about a local black farmer whocouldn't get an affordable loan from a bank a few yearsearlier.
The tenant farmer had saved $100 for a down payment on a 40-acreplot selling for $400. Banks and individuals would not grant him amortgage for less than 14% interest.
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