Lenders Are Not Following Their Own Philosophy
The week of episodes is going to be committed to the employees and mindset at the bank. The week is full of wonderful matter. It looks like it can be a fantastically useful week.
Martin Andelman, who is swiftly becoming one of our favorite bloggers, wrote something rather fascinating a month ago. In short, he told the tale of the Boss of the strong Mortgage Bankers Association and how he expects house owners to not walk away from lawful debts. This Boss was worried about the message this would send to their friends and family. What a great message to send!
There is just one minor 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 speck short when you consider that the first mortgage was 75 million dollar. Back in 2007, when MBA purchased the building for 79 million, with only 4 million dollars down payment, it almost certainly seemed like a fantastic investment to this Chief executive of MBA.
Nevertheless, he didn’t adhere 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 CEO is a bit of a fraud. Just last year he pointed out that defaults distress 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 actions of the bank show you that you can strategically default, it is safe to presume that you can strategically default.
Hopefully, after hearing this installment you realize that Martin Andelman’s blog is worthy of reading on a daily basis. It is repetitively overflowing with quality matter.
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