The faithful at the mercy of… the lenders…???

Excerpts:

“Right now, when you’re at the mercy of the lenders, you don’t want to look like you’re coming out against them,” said Bishop Eugene Reeves of New Life Anointed Ministries International in Woodbridge, Va.”

These problems may seem minor compared to the epidemic of foreclosures on private homes. But church mortgages have always been considered one of the more solid investments, with lenders often boasting of only one or two foreclosures over a billion dollars in loans.

Among the company’s foreclosed-upon clients is Juanita Bynum, a former hairdresser and popular Pentecostal preacher. In 2006, she got a loan from the evangelical lender to buy a $4.5 million lakeview property in Waycross, Ga. She planned to use it for her ministry headquarters and to open a spa for beauty treatments and spiritual guidance.”

http://biz.yahoo.com/ap/090314/rel_banking_on_faith.html

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