Although Christian financial institutions appear to be in better shape than their Wall Street counterparts, a noted Christian investment adviser said everyone has been affected as the economic crisis has shifted from mortgages to interbank lending.
"It's gone to another level," said Rusty Leonard, CEO of Stewardship Investment Counsel of Matthews, North Carolina. "Does that mean they're all going to go bankrupt? No. Most probably have little exposure to the subprime mortgage market. This has been a problem of the hedge fund community and high echelon levels of the investment banking community."
The Evangelical Christian Credit Union (ECCU) relies on other financial institutions to provide funds for a portion of its loans, said president and CEO Mark Holbrook. With many financial partners holding on to their cash, the credit union has had to curtail some of its lending.
"This reflects what's going on throughout our economy," Holbrook said. "Fewer dollars are available between institutions, ...1