But fight Clyde Ross did. In 1968 he joined the newly formed Contract Buyers League-a collection of black homeowners on Chicago’s South and West Sides, all of whom had been locked into the same system of predation. There was Howell Collins, whose contract called for him to pay $25,500 for a house that a speculator had bought for $14,500. There was Ruth Wells, who’d managed to pay out half her contract, expecting a mortgage, only to suddenly see an insurance bill materialize out of thin air-a requirement the seller had added without Wells’s knowledge.They scared white residents into selling low. They lied about properties’ compliance with building codes, then left the buyer responsible when city inspectors arrived. They presented themselves as real-estate brokers, when in fact they were the owners. They guided their clients to lawyers who were in on the scheme.
The Contract Buyers League fought back. Members-who would eventually number more than 500-went out to the posh suburbs where the speculators lived and embarrassed them by knocking on their neighbors’ doors and informing them of the details of the contract-lending trade. They refused to pay their installments, instead holding monthly payments in an escrow account. Then they brought a suit against the contract sellers, accusing them of buying properties and reselling in such a manner to reap from members of the Negro race large and unjust profits. Continua a leggere “Contract sellers used every tool at their disposal to pilfer from their clients”