Mortgage Brokers Association Struggling To Pay Its Own Mortgage

Washington Post:

A year ago, the Mortgage Bankers Association was thrilled to sign a contract to buy a fancy new headquarters building in downtown Washington. Interest rates were low, the group's revenues were steady and the prospects for quickly renting out part of the structure were strong.

But since then, the association has fallen on tough times as many of the subprime mortgages dispensed by some of its members proved dicey. Borrowers discovered the loans were more costly than they had anticipated. Foreclosures soared, and cheap, inexpensive credit dried up, slowing the economy.

Read the whole story: Washington Post

Comments

[Harrier]

No sympathy here. Serves them right. Swindlers now leveraged themselves out on limb

[jp916]

Most people commenting on this article have no idea whatsoever what this organization does. They have nothing to do with bailouts or handouts...educate yourself and speak intelligently about the subject matter at hand.

[RabidRightRebel]

Laughing out Loud!!!!

[Moderation]

Mortgage Bankers Association pleading for, then receiving a government bailout allowing them to pay their mortgage in 3...2...1...

[ErnestineBass]

..."APPROVED"!

heh heh