Default On Headquarters Loan
In October 2009, the MBA announced that it had sold its headquarters in Washington, D.C. for $41.3 million. It originally purchased the building in 2007 for $79 million, $75 million of which came from financing from a group of banks headed by the PNC Financial Services Group. When asked if the MBA would strategically default on the loan, its CEO declined to comment. It now rents offices nearby.
This was featured on The Daily Show on October 7, 2010 contrasting the MBAs actions with statements made by its representatives claiming that strategic default is morally wrong. MBA operatives refused to make any comment to the program.
Read more about this topic: Mortgage Bankers Association
Famous quotes containing the words default, headquarters and/or loan:
“In default of inexhaustible happiness, eternal suffering would at least give us a destiny. But we do not even have that consolation, and our worst agonies come to an end one day.”
—Albert Camus (1913–1960)
“What does headquarters think these guys came over here for, a sewing circle? They go up playing for keeps. Cops and robbers with rocks in the snowballs. Brass knuckles and lead pipes and a roughneck conviction they can lick any man in the world.”
—Dalton Trumbo (1905–1976)
“... the ... thing I am proudest of in my whole business life is that I do not take, that I never took in all my life, and never, never! will take, one single penny more than 6% on any loan or any contract.”
—Hetty Green (1834–1916)