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By Tim Reid – (Reuters) – Banks are foreclosing on America’s churches in record numbers as lenders increasingly lose patience with religious facilities that have defaulted on their mortgages, according to new data.The surge in church foreclosures represents a new wave of distressed property seizures triggered by the 2008 financial crash, analysts say, with many banks no longer willing to grant struggling religious organizations forbearance.
“Churches are among the final institutions to get foreclosed upon because banks have not wanted to look like they are being heavy-handed with the churches,” said Scott Rolfs, managing director of Religious and Education finance at the investment bank Ziegler.
Obama has put together a bailout package for homeowners facing foreclosure. Many of the homeowners getting bailed out were speculators who got in way over their head buy multiple homes and trying to flip them for a quick profit. After the sub-prime meltdown, many of these speculators could no longer make the payments.
Obama has decided bailing out irresponsible speculators is a good idea and they should get assistance at the taxpayers expense but the churches should be foreclosed upon and sold off. Where is the assistance for the churches? At least they provide charitable services within in the community, the speculators actually brought property values down in communities because of vacancy. I am not surprised since there is an utter disdain in the Obama White House for the Church.
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