Churches Go Broke
Churches are getting no sanctuary from banks, with 243
houses of worship entering foreclosure since 2010, a number ten times higher
than the total number of churches sold under similar circustances in 2008.
After the financial crisis of 2008 reduced the wealth of many congregation
members and thus their donations, hundreds of churches are now unable to
meet payments on loans taken out before the recession. It's taken a while
for banks to call in their loans, mostly because of the terrible PR involved
with closing charitable, positive
community institutions. Churches in California, Georgia, Florida and Michigan have been the hardest hit, and while religious leaders plead for new terms and refinancing, the banks aren't showing any mercy. However, what a bank can do with a repossessed church is anyone's guess; as one reverend said, "The idea of
auctioning off a church is senseless."
And you wonder why we discuss politics in this forum.