An unhappy Easter for U.S. congregations caught in the mortgage meltdown
Hundreds of churches across the United States are facing foreclosure, with many more to come, because their operators took out bad loans during the hey-day of cheap money. Court records reveal more than 100 churches have declared bankruptcy in the last year, with many more expected as the mortgage catastrophe shakes down, according to Reuters. In Atlanta alone, more than 200 are facing financial ruin. Most appear to serve small congregation, but even big-wheel denominations like the Episcopal Church of the U.S. (we’d call them Anglicans) are grappling with portfolio and real estate losses.