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Mortgage Bankers Assoc. Defaults on Loan

Written By Brian Hicks

Posted October 22, 2010

Classic bankster hypocrisy, exposed as only The Daily Show can.

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Back in February ’10, when the MBA announced they would be shutting down HQ, they wouldn’t say whether they would pay off the full amount of the loan. From the WSJ:

John Courson, chief executive officer of the trade group, declined in an interview Saturday to say whether the MBA would pay off the full loan amount. “We’re not going to discuss the financing,” he said. A spokeswoman for the MBA added that the MBA has reached “an agreement with all relevant parties” regarding the outstanding amount on that loan but declined to provide any details.

Guess we know now that they skipped out on the loan, as they urge millions of homeowners to fulfill their promisary notes.

Interesting note from the WSJ piece: Looks like the MBA bought in 2007, at the peak of the commercial real estate bubble.