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The Great Real Estate Swindle All things related to the housing debacle including sub-prime lending practices, foreclosure fraud, MERS, REMICS and banking and political malfeasance.

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Old 03-13-2012, 04:38 PM   #1
Ought Six
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Arrow Banks foreclosing on churches in record numbers

http://www.reuters.com/article/2012/...82803120120309
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Old 03-13-2012, 05:00 PM   #2
Potemkin
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Fey, it is a loan like everyone else.

One time I was a member of a church that was recently established.

They got a really nice loan from the main religious organization. Good rates for the time and they were understanding if collections were down and you couldn't make all or any of the mortgage.

They could have run this way for 10 years, IIRC. (basically the main organization would carry the note.)

Well, someone decided that as an "Act of Faith" they would take on the burden of the mortgage directly.

"Fleece before the Lord" and all of that. "

Because we own it people will be motivated to give!" Yea, right.

They always had troubles and were in arrears many times. I moved to another area and left so I didn't hear the outcome.
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