Monday, March 16, 2009

Boom-Years Borrowing Hits Churches

"Add houses of worship to the list of casualties of the mortgage crisis. Foreclosures and delinquencies for congregations are rising, according to companies that specialize in church mortgages. With credit scarce, church construction sites have gone quiet, holding shells of sanctuaries that were meant to be completed months ago. Congregants have less money to give, and pastors who stretched to buy property in the boom are struggling to hold onto their churches."

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