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.
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This is the most comprehensive guide I have come across. Thanks for sharing this with us.I just like it very much.keep blogging.
Posted by: Burglar Alarms_89 | Thursday, February 11, 2010 at 05:08 AM
Ironic indeed. The strategic defaults are becoming the next waive of foreclosures in this country. Some reports say that they repreent about 20% of all foreclosures.
http://michiganmortgageadvisor.com/michigan-refinancing-stages-of-the-loan-process/
Posted by: Michigan Refinancing | Saturday, May 22, 2010 at 07:47 PM
This is a case of teaching by example. What an endorsement for strategic default. The Mortgage Bankers Association is not the first high profile entity to strategic default and they will not be the last. Morgan Stanley walked away from 5 buildings in San Francisco.
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