WSJ/Reuters: Mortgage Bankers Association HQ sold on Short Sale

I couldn't let this pass by. So the MBA short-sells it's HQ. How about that for those who couldn't get mortgage holder to negotiate on your mortgage?

www.reuters.com...

Mortgage Bankers sells headquarters at a loss -WSJ

Mon Feb 8, 2010 3:05am EST

Feb 8 (Reuters) - The U.S. Mortgage Bankers Association (MBA) has agreed to sell its headquarters building in Washington to CoStar Group Inc (CSGP.O) for a loss, the Wall Street Journal said.

CoStar Group, a commercial real estate data provider, said it had agreed to buy MBA's 10-story headquarters building for $41.3 million, well below $79 million the trade group agreed to pay for it at the peak of the real estate bubble in 2007, the paper said.

The sale price is well short of the $75 million of financing that the industry group got from a group of banks led by PNC Financial Services Group Inc (PNC.N) for the purchase, the daily added.

The Mortgage Bankers Association is the national association representing the real estate finance industry, an industry that employs more than 280,000 people.

MBA could not be immediately reached for a comment by Reuters outside of regular U.S. business hours. (Reporting by Archana Shankar in Bangalore; Editing by Rupert Winchester)

Originally posted by Dbriefed

I couldn't let this pass by. So the MBA short-sells it's HQ. How about that for those who couldn't get mortgage holder to negotiate on your mortgage?

www.reuters.com...

Mortgage Bankers sells headquarters at a loss -WSJ

Mon Feb 8, 2010 3:05am EST

Feb 8 (Reuters) - The U.S. Mortgage Bankers Association (MBA) has agreed to sell its headquarters building in Washington to CoStar Group Inc (CSGP.O) for a loss, the Wall Street Journal said.

CoStar Group, a commercial real estate data provider, said it had agreed to buy MBA's 10-story headquarters building for $41.3 million, well below $79 million the trade group agreed to pay for it at the peak of the real estate bubble in 2007, the paper said.

The sale price is well short of the $75 million of financing that the industry group got from a group of banks led by PNC Financial Services Group Inc (PNC.N) for the purchase, the daily added.

The Mortgage Bankers Association is the national association representing the real estate finance industry, an industry that employs more than 280,000 people.

MBA could not be immediately reached for a comment by Reuters outside of regular U.S. business hours. (Reporting by Archana Shankar in Bangalore; Editing by Rupert Winchester)

Damn straight you weren't going to reach them for comment, they are doing what they tell others not to do. And that is to get out of your mortgage obligation by selling short and walking away (just as that one developer in New York did a couple of weeks ago to a handful of highrises with 11,000 units, he walked away from a 4.5 billion dollar loan). This is to much, and this should tell everybody that we are far from out of this financial mess. If this body couldn't get their own house in order and the value of their place is down almost by half, what chance do you have.

Funny how they don't have any PR people that work past banking hours.

I am guessing they are on paid vacation as well tomorrow, could of been a short week in fact.