America Did Not Tithe Enough, Part II
Posted on September 7th, 2008 by catalyst into the Finances category
In an unprecdented move, the U.S. Government has decided to put Fannie and Freddie in Conservatorship. Fannie Mae and Freddie Mac's primary function is to provide liquidity to the housing market (basically buy loans from banks, so that the banks can then loan more money to people looking to purchase homes). This duty was clearly in question the last couple of months, and the government has decided to take over Fannie and Freddie to ensure they will still be able to buy loans. It will likely double America's national debt and is just another sign that the "Housing Crisis" isn't over yet. The tie in to this blog, is that all the properties that the City Church and City Bible purchased over the last couple of years are likely to continue to drop in value. And the church's ability to refinance those loans is going to remain limited. So you know, perhaps the City Church shouldn't have spent 1.4 million on a home in DC and perhaps City Bible Church shouldn't have bought an Ice Hockey Rink in Vancouver. Not the best use of Finances. Anyway, the real reason I'm writing this is to share with you this great YouTube video mocking the whole thing. Because everyone hates a bailout:
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