The Mortgage Bankers Assoc. couldn't even figure out how to sell their own headquarters in DC without losing millions upon millions in the same time period most kids take to get a college education. Bought it for $79 million in 2007, sold it short for $41 million in 2010, then it sells for $101 million this week.
Are these guys just complete morons or just cold-blooded who-gives-a-shiite businessmen? Either way, bunch of fools who took down numerous economies worldwide.
You are talking about corporations buying and selling from one another. That has nothing to do with mortgage bankers. How do you know mortgage bankers didn't have some kind of stake in that corporation that bought low and sold high?
Of course they did. If they had to "sell it short" they didn't have their money in it. They just fleeced some bank, formed another shell company and made a killing on the second sale. I am sure they are using the money to buy foreclosures cheap in Florida so they can make even more money in a few years when all the bloated, overpaid gov't workers retire and move to the warmer climes.
Ryan, read the article and quotes below. These guys are complete hypocrites. A year ago, here is the MBA CEO's response, and some other comments:
John Courson, chief executive officer of the trade group, declined in an interview Saturday to say whether the MBA would pay off the full loan amount. "We're not going to discuss the financing," he said. A spokeswoman for the MBA added that the MBA has reached "an agreement with all relevant parties" regarding the outstanding amount on that loan but declined to provide any details.
In an interview late last year, Mr. Courson said he believed mortgage borrowers should keep paying their loans even if that no longer seemed to be in their economic interest. He said paying off a mortgage isn't only a matter of personal interest. Defaults hurt neighborhoods by lowering property values, Mr. Courson said. "What about the message they will send to their family and their kids and their friends?" he asked.
http://online.wsj.com/article/SB10001424052748704829704575049111428912890.html