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The Hebrew Free Loan Society of New York, founded in 1892, [1] is the oldest money gemach in the United States. It spawned similarly named free-loan funds in many other cities, including Washington, D.C.; Philadelphia, Pennsylvania; and Holyoke, Massachusetts.
In 2012, Guaranteed Rate acquired Manhattan Mortgage, a residential mortgage brokerage in the New York Metropolitan Area. [33] Founded in 1985 by Melissa L. Cohn, the company employed more than 100 home loan professionals and originated loans in New York, Vermont, Massachusetts, Connecticut, Florida and New Jersey. [34]
The Provident Loan Society of New York is a not-for-profit organization headquartered at 346 Park Avenue South on the corner of 25th Street in the Rose Hill neighborhood of Manhattan, New York City. It was created in the 19th century by a group of influential New Yorkers as an alternative to the loan sharks of the day.
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The requirements to receive a loan: The individual must be living below the poverty line, located in a community with a Grameen America branch and willing to create or join a five-member group of like-minded individuals who want to start or expand their own businesses.
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The company bought Parliament Leasing in 1977, and First Texas Financial Corp., a savings and loan, in 1978. In 1977, Beneficial entered the reinsurance business through its insurance subsidiaries, but this business caused significant financial losses in the 1980s. Beneficial downsized this business and emphasized its second mortgage business.
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