Banks Are Not Following Their Own Ideology
The week of episodes is going to be devoted to the people and mindset at the lender. The week is filled of magnificent subject matter. It looks like it might be a very educational week.
Martin Andelman, who is rapidly becoming one of our preferred bloggers, wrote something quite interesting a month ago. In short, he told the tale of the Boss of the great Mortgage Bankers Association and how he expects home owners to not walk away from lawful debts. This Chief executive was worried about the message this would send to their friends and family. What a great message to send!
There is simply one little quandary with that message. Last week, the MBA sold their headquarters building in Washington, D.C. for 41.3 million dollars. The only trouble is that the 41.3 million dollars comes up a tad short when you bear in mind that the first mortgage was 75 million dollar. Back in 2007, when MBA bought the building for 79 million, with simply 4 million dollars down payment, it in all probability seemed like a wonderful investment to this CEO of MBA.
Nonetheless, he didn’t keep to his own advice. Given his recent statements to house owners about simply paying the mortgage that is their lawful debt, it would seem that this Boss is a bit of a hypocrite. Just last year he pointed out that defaults harm neighborhoods. Also, it was also recently uncovered that MBA also defaulted on their payments and secured a forebearance agreement previous to the short sale.
If the events of the bank show you that you can strategically default, it is safe to assume that you can strategically default.
Hopefully, after hearing this installment you understand that Martin Andelman’s blog is worthy of reading on a daily basis. It is recurrently packed with quality subject matter.
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