Consumer Law

Mortgage Bankers Association walks away

By Alan White

In today's can-you-top-this-for-irony story, the Wall Street Journal reports today that the trade group representing America's mortgage lenders sold its severely underwater Washington DC headquarters for $41.3 million, but did not disclose how the $75 million debt on the building was settled.  PNC, the lead lender, also declined to divulge how MBAA resolved its contractual obligations to its lenders.  Given MBAA's exhortations to homeowners not to shirk their debts, one can only assume (?) that the association paid its lenders the $30+ million difference. 

Full post as published by CL&P Blog on February 06, 2010 (boomark / email).