Lending

College in Atlanta Faces Foreclosure

Morris Brown College's creditor calls in loans.

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Morris Brown College is facing foreclosure of its property on Sept. 4, the African Methodist Episcopal Church said Tuesday.

According to a news release, a creditor of the historically black college, a corporation which holds $13.1 million in college bonds secured by its downtown Atlanta property, has called the loans and the college is unable to pay.

In a statement, Preston W. Williams II, chairman of the board of trustees of Morris Brown, said he will announce the school's formal response on Saturday, Aug. 25, at 1 p.m. at an event on the school's campus. Leaders are calling for people to gather at the school's gymnasium to hear the plan and pray for the school's survival.

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