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)
“If the national security is involved, anything goes. There are no rules. There are people so lacking in roots about what is proper and what is improper that they don’t know there’s anything wrong in breaking into the headquarters of the opposition party.”
—Helen Gahagan Douglas (1900–1980)
“Neither a borrower nor a lender be,
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.
This above all: to thine own self be true,
And it must follow, as the night the day,
Thou canst not then be false to any man.”
—William Shakespeare (1564–1616)