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The Wall Street Journal reported yesterday that in an interview last year, John Courson, chief executive of the Mortgage Bankers Association of America (MBA), said borrowers who were “underwater” should keep paying their mortgage if they can afford to do so. Defaults hurt neighborhoods by lowering property values.
At the time, he said: “What about the message they will send to their family and their kids and their friends?”
Wait for it….
The Wall Street Journal reports that the MBA is selling its new, gorgeous glass headquarters in Washington, D.C. for the current market value of $41.3 million, well below the $79 million the trade group paid for the property a few years ago.
Is the MBA coming to the table with a check for the amount it is underwater?
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