Another gem uncovered by Martin Andelman.
The CEO of the rich and powerful Mortgage Bankers Association (MBA), John Courson, went on the record saying that homeowners “should not walk away from lawful debts.” Then he added: “What about the message they will send to their family and their kids and their friends?”
But wait… Mr. Courson has a double standard as reported by Martin Andelman on his blog Mandelman Matters.
This past week, the Co-Star Group, Inc., indicated that it had agreed to buy the MBA’s 10-story headquarters building in DC for $41.3 million. The only problem is that $41.3 million comes up a skosh shy of the $75 million first mortgage on the building that the MBA took out from PNC Financial Group way back in 2007, when they purchased the property for $79 million.
Mandelman went on to say:
Oh, and this just in from my favorite bankruptcy attorney and all-around thought leader, Max Gardner, the MBA also defaulted on their payments and secured a forbearance agreement, prior to the short sale. Nicely done, Johnny-O. Maybe you should open a loan mod firm and start helping homeowners.
So… Message to homeowners: “Just do as big business does.”
To read Mandelman’s entire article:
Are you kidding me??? No comments on this one? Were you all too shocked to comment???
Wow…just surprised at the lack of shock. I find this outrageous. Would love to hear your thoughts.
I guess what happens is that people get too big for their britches or forget where they came from. Kind of like my mother in law!
Just watched this and WOW. I think I know what message he is sending to his friends, family, and children……not all rules apply to all people.