SocraticGadfly: Mortgage crunch hits churches

January 26, 2011

Mortgage crunch hits churches

Many of the churches involved share one of two characteristics.

1. They're nondenominational churches, so they're on their own when the mortgage becomes past due.
2. Like subprime home buyers, they had exotic mortgages either thrust on them, or dangled before them. (And, like many subprime buyers, they didn't read the fine print when they should have.)

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