Mortgage Bankers Association “Walks Away” from HQ

OK, that’s an exaggeration — they appear to have done a short sale, not a walk-away.

Ironic Hypocritical Headline of the Day:

Mortgage Bankers Association Sells Headquarters at Big Loss (WSJ)

CoStar Group buys downtown Washington building for $41.3 million, far below the $79 million the trade group said it paid in 2007

Didn’t the National Association of Realtors do something similar last year?


UPDATE February 8, 2010, 1:54pm

A friend writes to remind me teh MBA CEO is a hypocrite:

Courson, the CEO, was big on underwater borrowers’ responsibility to continue paying on their loans if they could afford to do so.

“What about the message they will send to their family and their kids and their friends by defaulting?’ he said in a late-2009 interview.

Debtor’s Dilemma: Pay the Mortgage or Walk Away (WSJ)

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