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Lender That Really Does God's Work Is Slowed as Mortgage Funding Dries Up

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REPENT, LLOYD; YOU MUST REPENT
"Evangelical Christian Credit Union, run by Mark Holbrook since 1979, was the leading force behind the increase in credit flowing to churches in the form of five-year commercial mortgages with minimal monthly payments and lower initial costs than bond sales, the other widely used form of financing," according to Bloomberg. "Unlike the banks that joined the trend, ECCU catered exclusively to evangelical ministries, putting 83 percent of its assets in loans on churches and religious schools. Now, the Brea, California-based company’s delinquency rate has more than doubled since the end of 2007 and mortgage originations have slumped because of a decline in financing."
SOURCE:   Bloomberg

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