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U.S. banks foreclosing record numbers of churches
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TOPIC: U.S. banks foreclosing record numbers of churches
#16639
U.S. banks foreclosing record numbers of churches 2 Years, 1 Month ago Karma: 255
It looks like the Wall Street Vampires have found a NEW way to get that "high" they get from stomping on some helpless victim: foreclosing on churches.

U.S. banks are now foreclosing on churches in record numbers. Presumably these churches are also "deadbeats" - just like all of the innocent homeowners whom Wall Street is throwing out of their homes.

The dynamics here are quite simple. Churches rely upon the donations of their congregations in order to pay their own bills. However, because the Wall Street Vampires have already economically RAPED all of these church-goers, they now have little (if anything) they can spare to these churches in donations. Indeed, more and more people are SEEKING aid from churches.

So the churches are getting it TWICE from the Vampires: first they kill-off their revenues by impoverishing their congregations, then they steal the entire churches (and land) themselves.

Obviously next on Wall Street's hit-list will be the orphanages...





"Banks foreclosing on churches in record numbers"

www.reuters.com/article/2012/03/09/us-us...dUSBRE82803120120309

(Reuters) - Banks are foreclosing on America's churches in record numbers as lenders increasingly lose patience with religious facilities that have defaulted on their mortgages, according to new data.

The surge in church foreclosures represents a new wave of distressed property seizures triggered by the 2008 financial crash, analysts say, with many banks no longer willing to grant struggling religious organizations forbearance.

Since 2010, 270 churches have been sold after defaulting on their loans, with 90 percent of those sales coming after a lender-triggered foreclosure, according to the real estate information company CoStar Group.

In 2011, 138 churches were sold by banks, an annual record, with no sign that these religious foreclosures are abating, according to CoStar. That compares to just 24 sales in 2008 and only a handful in the decade before.

The church foreclosures have hit all denominations across America, black and white, but with small to medium size houses of worship the worst. Most of these institutions have ended up being purchased by other churches.

The highest percentage have occurred in some of the states hardest hit by the home foreclosure crisis: California, Georgia, Florida and Michigan.

"Churches are among the final institutions to get foreclosed upon because banks have not wanted to look like they are being heavy handed with the churches," said Scott Rolfs, managing director of Religious and Education finance at the investment bank Ziegler.

Church defaults differ from residential foreclosures. Most of the loans in question are not 30-year mortgages but rather commercial loans that typically mature after just five years when the full balance becomes due immediately.

Its common practice for banks to refinance such loans when they come due. But banks have become increasingly reluctant to do that because of pressure from regulators to clean up their balance sheets, said Rolfs.

"A lot of these loans were given when the properties were evaluated at a certain level in 2005 or 2006," Rolfs said. "Banks have had to reappraise the value of these properties, whether it's a church or a commercial office building. Values have gone down, so the loans cannot continue in the same form."

The factors leading to the boom in church foreclosures will sound familiar to many private homeowners evicted from their properties in recent years.

During the property boom, many churches took out additional loans to refurbish or enlarge, often with major lenders or with the Evangelical Christian Credit Union, which was particularly aggressive in lending to religious institutions.

Then after the financial crash, many churchgoers lost their jobs, donations plunged, and often, so did the value of the church building.

CONGREGATIONS IN TROUBLE

Solid Rock Christian Church near Memphis, Tennessee, took out a $2.9 million loan with the Evangelical Christian Credit Union at the beginning of 2008, to construct a new, 2,000 seat, 34,000 square-foot building to house its growing congregation.

In the middle of construction, the economy crashed. The church raided its savings to finish the project, but ended up defaulting on the loan.

The ECCU foreclosed and put the church up for auction.

"We are still fighting this," a church spokesman told Reuters. "We have filed for bankruptcy to stop this foreclosure and to restructure our debt."

At the iconic Charles Street African American Episcopal Church in Boston, Massachusetts, churchgoers and clergy accuse the bank of being unwilling to negotiate.

The church is being threatened with foreclosure and a March 22 auction by its lender OneUnited bank, America's largest black-owned bank.

The bank says the church, which was founded in 1818 and played a major role in the anti-slavery movement, has defaulted on a $1.1 million balloon loan that came due in December 2011.

A balloon loan is a long-term loan, often a mortgage, that has a large, or balloon, payment due upon maturity. They often have very low interest payments and require little capital outlay during the life of the loan due to the large end payment.

The church is also involved in separate litigation with OneUnited involving a 2006 loan of $3.6 million that financed the refurbishment of two buildings into a community center.

"We want to refinance and we want to pay. It's doable, we have the means to do it but we can only do it if they actually sit down and talk to us," said the Rev. Gregory G. Groover Snr, the church's pastor.

Groover said the church did not default by missing monthly payments, but is in trouble because the loan ballooned.

"We don't have a million dollars to pay off the loan. I don't know what church does. The idea of auctioning off a church is senseless," he said.

In a statement provided to Reuters, OneUntied said it was not its practice to discuss the details of "any discreet customer relationship".

"It is not the practice of the Bank to exercise collection remedies including foreclosure in the absence of good cause. We trust the community will not rush to judgment without full knowledge of all the facts," it said.

Axel Adams, an Atlanta, Georgia official with the Rainbow PUSH coalition, the civil rights and economic justice organization led by the Rev. Jesse Jackson, said he had seen a "tremendous increase" in churches facing foreclosure.

"And some pastors have not notified their congregants," Adams said. "They are fearful that if they do, they will lose congregants prematurely."

Flat Rock Church in Lithonia, Georgia, which dates back to 1860, took out an $850,000 balloon loan with Sun Trust Bank in 2005 to fund a new 300-seat church.

In May 2010 the loan became due. The bank foreclosed and the church is due to be auctioned off next month.

"The bank has refused to negotiate and to this day I just don't know why," said Binita Miles, the church pastor.

A spokesman for Sun Trust said: "We view foreclosure as an action of last resort. We have been working for several years to address the issue with the client in hopes of avoiding foreclosure."

There are more than 300,000 churches in the United States.

"The church foreclosure market isn't anything extraordinary," said Rolfs. "It's simply another byproduct of the credit bubble."
Jeff Nielson
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#16645
Re: U.S. banks foreclosing record numbers of churches 2 Years, 1 Month ago Karma: 168
Jeff, but why are they foreclosing on these Churches and other such homes ? each foreclosure is another prick to the real estate balloon and with each fore closure news, negative sentiments increase ?
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#16653
Re: U.S. banks foreclosing record numbers of churches 2 Years, 1 Month ago Karma: 255
samix wrote:
Jeff, but why are they foreclosing on these Churches and other such homes ? each foreclosure is another prick to the real estate balloon and with each fore closure news, negative sentiments increase ?

Samix, I see it is time for me to pull out "The Bankers Manifesto of 1892" again, so that any who haven't read it, or read it but FORGOT the contents can see the banksters game-plan.

It's really quite simple: use various divide-and-conquer and distraction techniques with your propaganda machine while you STEAL EVERYTHING...

"The Bankers Manifesto of 1892"

So in the case of the real estate market, flooding the market with foreclosed property is only a minor issue to these banksters. Understand that once they DO own all of the land that prices will be VERY low - since those who OWN it all won't value it very highly (since it is so plentiful), while the serfs (i.e. us) won't be able to AFFORD anything but rock-bottom prices.

This is another aspect of the thievery of these parasites which they NEVER consider - because of the inherent short-term perspective of all evil actors. All they can think about is "stealing everything". They have given virtually ZERO thought to what they will do AFTER they have stolen everything.

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#16664
Re: U.S. banks foreclosing record numbers of churches 2 Years, 1 Month ago Karma: 101
A lot of churches occupy prime property. They pay less tax than businesses or homeowners. They provide community and values/morals in direct competition with bankster propaganda. Getting rid of them would be a coup as far as the banks are concerned.

They don't get that the building is not the church. The people are. Dedicated congregations stay together, meet in other places, and make do. When the chips are down, the people matter the most. It doesn't matter where they come together.
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#16672
Re: U.S. banks foreclosing record numbers of churches 2 Years, 1 Month ago Karma: 255
Yes DayOwl, another good point.

The Church used to get first pick of a lot of prime real estate, and no doubt the banksters covet some of those locations.

However, I don't think that foreclosing on churches represents any attempt to weaken/attack religion. Rather the opposite is true. Our oppressors USE RELIGION (especially in the U.S.) as another brainwashing tool.

Promoting EXTREME "Christian" views is a great way of stirring up HATRED between religions/cultures. So on one side of the ocean we have the U.S. stoking-up as much anti-Muslim hatred WITHIN the Christian faith as possible.

And then on the other hand (and other side of the ocean) we have the U.S. deliberately BURNING Qurans in order to further stoke religious hatred.
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#16678
Re: U.S. banks foreclosing record numbers of churches 2 Years, 1 Month ago Karma: 204
Jeff,

The churches went from "chapel" to gymnasiums. To serve the masses, maybe influence them. Then they buy more property at inflated prices, which drives property values up.
Build a "bible college, book store, coffee shop. Then build the "exclusive community" (Homes).

They put a "soup kitchen" at the end of town were they're far removed from the poor.

Build the church on prime (over priced or donated prime property), build a selective community of hate and serve the poor at the more "convenient" location. Then when the underfunded "soup kitchen" gets to many people. A redevelopment program comes in in with tax incentives and the medical community builds. As the police round up the "homeless" and transport them via "greyhound buss' to the next community.

Organized religion, politicians and their "god given tax exemption" is all about control. Control of money, control of taxes, control.

Tax the churches like the thriving enterprises they are.

Let the parasites that bread and promote hate, eat each other seven days a week.

Earl
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#16683
Re: U.S. banks foreclosing record numbers of churches 2 Years, 1 Month ago Karma: 255
Earl wrote:
Jeff,

The churches went from "chapel" to gymnasiums. To serve the masses, maybe influence them. Then they buy more property at inflated prices, which drives property values up.
Build a "bible college, book store, coffee shop. Then build the "exclusive community" (Homes).

They put a "soup kitchen" at the end of town were they're far removed from the poor.

Build the church on prime (over priced or donated prime property), build a selective community of hate and serve the poor at the more "convenient" location. Then when the underfunded "soup kitchen" gets to many people. A redevelopment program comes in in with tax incentives and the medical community builds. As the police round up the "homeless" and transport them via "greyhound buss' to the next community.

Organized religion, politicians and their "god given tax exemption" is all about control. Control of money, control of taxes, control.

Tax the churches like the thriving enterprises they are.

Let the parasites that bread and promote hate, eat each other seven days a week.

Earl


Earl, I admit that I tend to get pretty cynical about organized religion myself. However, like I've said to HA65MPH (on several occasions - lol), I think it's important that we RESTRICT our "enemies list" to only the Worst of the Worst (at least until they have been de-throned as our Masters):

1) The Banker Oligarchs
2) The Pilgrims
3) Their political lackeys
4) The other Corporate Oligarchs


There are certainly many valid reasons for attacking many/most organized religions - for being institutions which have become severely corrupted. At the same time, unlike the Enemies List which I have constructed above, our Churches are NOT unambiguously evil. They DO good things along with all of the harm. YES, the soup kitchens are ultimately instruments of control, BUT the people working in these charities are MOTIVATED by only the best of intentions. And there are other "good deeds" done by these institutions as a part of their daily operations.

Secondly, because religions remain such central CULTURAL institutions (especially in the U.S.), we need the Churches as our ALLIES - rather than FORCING them to align themselves with the TRUE Enemies, through our own opposition/hostility.

I'll trot-out the old Muslim maxim: the Enemy of my Enemy is my Friend.

Just as I ask HA65MPH to try to curb her union-bashing (lol), I think it's also important for the rest of us to try to focus our antagonisms and energies on the Ultimate Enemy - the ones seeking to (rapidly) make all of our lives Hell.

When (if) we succeed in regaining control of our own societies, then we have the luxury of indulging in some of our other grievances (lol). Right now we NEED the Churches. We NEED the Unions. These are (mostly) people-FRIENDLY institutions, in an era of Corporate Domination.

I'm not saying "go to Church every Sunday" (lol!!). I'm not even saying "forgive and forget" when it comes to the grievances we may have against these institutions. I'm only saying that (for now) we simply do not have the LUXURY of indulging in any of our personal crusades.

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#16690
Re: U.S. banks foreclosing record numbers of churches 2 Years, 1 Month ago Karma: 204
Jeff,

Very good point(s).

Having received a few "food baskets" as a child, and giving to non-denominational food pantries and receiving as well. The volunteers are "special".

That was a mistake on my part. To overlook these people and the true sincerity in there work.

Preparing and delivering, the "brown bags", was some of the most rewarding moments of my life.

"Thank You", for not letting me forget.

I must take the moment to again, "Thank You" for the opportunity and exposure to World Vision. A wonderful organization.

We do have a sincere food distribution system in the rural areas. The "volunteers" make it all happen. They give a smile, to people that haven't smiled, in awhile. Takes a special person to keep positive.

Again, "Thank You", for the reality check/correction.

Earl
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#16692
Re: U.S. banks foreclosing record numbers of churches 2 Years, 1 Month ago  
THIS 'INFO'' HAS BEEN OUT A WEEK '' ..
HA65MPH

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