Homes Sarasota share common YET ironic ground with Mortgage Bankers Association’s recent “strategic default” on Washing headquarters, something MBA President and CEO John Courson finds morally reprehensible in homeowners.
"Let them eat cake," she whispers to the BANKERS!
The Mortgage Bankers Association, as reported, cannot afford its Washington, D.C., headquarters.
In undisclosed terms, the MBA is “walking away” from a 75 MILLION mortgage obligation.
Here’s what is ironic.
Just a few days ago, John Courson, president and C.E.O. of the Mortgage Bankers Association, scolded homeowners in The Wall Street Journal for defaulting on their mortgages, demanding (they) think about the “message” they will send to “their family and their kids and their friends” by walking away from their obligation.
source: http://www.nytimes.com/2010/01/10/magazine/10FOB-wwln-t.html
Courson’s comments were directed at the “strategic defaulters,” property owners who apparently can afford to pay but have chosen to walk away from underwater properties (that is, properties worth LESS than what is OWED).
Now just a few days later it is John Courson’s Mortgage Bankers Association that “cannot” afford its $79 MILLION (financed at $75 Million) 10-story, glass-walled headquarters built in 2007.
CoStar Group Inc., a provider of commercial real estate data, apparently has agreed to buy the MBA’s office building for $41.3 million, far below the $79 million the trade group paid for the glass-walled building in 2007.
Apparently, the sale shorts (that is, short sale) PNC Financial Services Group (the debt owners) by 33.7 MILLION!
Ouch!
John Courson’s comments and actions clearly define hypocrisy. What’s okay for the Mortgage Bankers Association is not okay for residential property owners making business decisions.
Whether or not the MBA must pay back the 33.7 Million remains undisclosed. Nonetheless, it is a $79 MILLION building dropping to a $41.3 (can’t forget the “.3″) MILLION Washington building.
Apparently, when individuals default, regardless of reason, it’s morally reprehensible. When John Courson’s banker friends default, it’s a wise business decision. Surely, a reader will let me know how John Courson explains this strategic default as a wise business decision.
PLEASE let me know what you think of the MBA’s 33.7 MILLION default. More importantly, are you surprised by Courson’s comments in the New York Times, scolding people who walk away from their mortgage obligation?
If you want to buy or sell a home or house in or around Sarasota, call me now. I want to help you.
Homes Sarasota, according to Sarasota MLS, sold 3,161 properties off MLS in Sarasota and Manatee counties in last 90 days. As reported, 1,244 of those 3,161 properties were foreclosures and short sales, representing 39.5% of all sales as “distressed” properties. If you think all that’s selling are distressed properties, this should be good news…60.5% of all SALES are NOT distressed (that is, NOT short sale or bank-owned).
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