The week of episodes is going to be committed to the employees and mindset at the bank. The week is full of terrific subject matter. It looks like it may well be a fantastically educational week.
Martin Andelman, who is quickly becoming one of our preferred bloggers, wrote something rather fascinating a month ago. In short, he told the narrative of the Chief executive of the influential Mortgage Bankers Association and how he expects home owners to not walk away from legal debts. This Boss was worried about the message this would send to their friends and family. What a quality message to send!
There is simply one little dilemma with that message. Last week, the MBA sold their head office 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 bear in mind that the first mortgage was 75 million dollar. Back in 2007, when MBA purchased the building for 79 million, with just 4 million dollars down payment, it in all probability seemed like a excellent investment to this Boss of MBA.
Nonetheless, he didn’t stick to his own suggestion. Given his recent statements to home owners about simply paying the mortgage that is their legal debt, it would seem that this Boss is a bit of a fraud. Just last year he pointed out that defaults distress neighborhoods. Furthermore, it was also recently uncovered that MBA also defaulted on their payments and secured a forebearance agreement before the short sale.
If the actions of the lender show you that you can strategically default, it is safe to presume that you can strategically default.
Hopefully, after hearing this installment you understand that Martin Andelman’s blog is worthy of reading on a daily basis. It is recurrently filled with classy matter.
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