$79 Million Dollar Strategic Default, Mortgage Bankers Association

The Mortgage Bankers Association defaulted on their loan & walked away from it’s Headquarters in Washington DC. They purchased the building 3 years ago for $79 million dollars with 5% as a down payment.

Sound familiar? Many homeowners over the past 3 years have had this same issue…with their HOME not office. They have felt terrible, guilty and ashamed. The CEO, John Courson of the Mortgage Bankers Association shamed people in a previous interview for walking away from their mortgages which in the industry is known as a Strategic Default. He said that it was a “moral imperative” that homeowners need to continue to make their payments. They have now defaulted on their headquarters loan!

Am I advocating Strategic Defaults? Absolutely not. My main message is that if you are in trouble with your mortgage and it’s becoming more like debt than a mortgage. Sit down with yourself or your family and get real. Create a plan that will be solid for the future instead of sitting and waiting for things to happen. This is what homeowners are doing and so are businesses. My first blog post is about getting real. We help homeowners everyday, 310-737-8173, Kristine.

Watch the report about the Mortgage Bankers Association Strategic Default. It’s about 5 minutes and worth it.

The Daily Show With Jon Stewart Mon – Thurs 11p / 10c
Mortgage Bankers Association Strategic Default
www.thedailyshow.com
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