Mortgage Banker's Association: Difference between revisions
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{{Infobox organization |
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|name = Mortgage Banker's Association |
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|formation = |
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|type = [[Industry trade group]] and [[Professional association]] [[Advocacy group]] |
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|headquarters = [[Washington, D.C.]] |
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|location = [[Washington, D.C.]] |
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|region_served = [[United States]] |
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|website = [http://www.mbaa.org/default.htm] |
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}} |
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The '''Mortgage Banker's Association''' (MBA) is an [[American]] association representing the entire real estate finance industry with 2,200 member companies.<ref name="of">[http://www.mbaa.org/AboutMBA About Mortgage Banker's Association]</ref> |
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During the housing crisis of 2008, the associations's membership fell from 3,000 to 2,500. It's current membership is 2,200.<ref name="of"/><ref name="was"/> |
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In 2008 the Mortgage Banker's Association purchased a $79 million headquarters building in [[Washington, DC]]. In 2010, in a [[strategic default]], the MBA entered into a [[short sale]] on its commercial loan, selling the building to [[CoStar Group]] for $41.3 million.<ref>Adam Rust, [http://banktalk.org/2010/02/08/mortgage-bankers-association-succumb-to-a-short-sale Mortgage Bankers Association Succumbs to a Short Sale], ''Bank Talk'', (February 8, 2010).</ref><ref>[http://thedailyshow.cc.com/videos/qatlaz/mortgage-bankers-association-strategic-default?xrs=share_copy Mortgage Bankers Association Strategic Default], ''[[The Daily Show]]'', October 7, 2010.</ref><ref> [[Baltimore Business Journal]], February 8, 2010, [http://www.bizjournals.com/washington/stories/2010/02/01/daily82.html CoStar leaving Md., makes D.C. move official], Sarah Krouse and Jonathan O'Connell, "CoStar Group Inc. purchased the Mortgage Bankers Association headquarters at 1331 L St. NW on [February 5, 2010]...CoStar is paying $41.25 million for the 168,000-square-foot Class A building, a bargain compared to the $76 million that the mortgage bankers group paid for it less than two years ago...The CoStar purchase will likely also provide welcome respite to the Mortgage Bankers Association, which laid off workers in 2009, saw membership decline and has become tangled in a suit with Tishman Speyer about an unpaid lease termination fee at 1919 Pennsylvania Ave. NW."</ref><ref name="was">[[The Washington Post]], February 6, 2010, [http://www.highbeam.com/doc/1P2-21226661.html Mortgage bankers group sells D.C. offices to Bethesda company; CoStar gets a bargain after commercial real estate market collapses], V. Dion Haynes, "The Mortgage Bankers Association moved into the building in 2008 just as the real estate market was crashing, and ended up paying millions of dollars more when interest rates rose. Moreover, the leasing market slowed considerably and the association had trouble getting other tenants into the 168,000-square-foot building...The industry lobbying group has struggled financially in recent years, as the market collapsed and lending dried up, with members dropping out as they lost their jobs..Florance said the association will remain in the building for about six months and then find a new home...."It's a little bit of irony that in the middle of the mortgage crisis brought on by the bad lending practices of many members of the Mortgage Bankers Association that they got caught up in the same problem," said Dean Baker, co-director of the Center for Economic and Policy Research, a liberal research group.</ref> |
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In response, the [[Neighborhood Assistance Corporation of America]], stated: "Clearly, they don't practice what they preach. They say there's a moral obligation for homeowners to repay their mortgages yet they don't believe that applies to them. This is why the American people are absolutely disgusted with bankers."<ref>[[Guardian Unlimited]], February 9, 2010 , [http://www.theguardian.com/business/2010/feb/09/mortgage-bankers-association-property-debacle US Mortgage Bankers Association sells HQ at $38m loss], Andrew Clark, </ref> |
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==See also== |
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==Notes== |
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{{Reflist}} |
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{{stub}} |
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[[Category:Banking in the United States]] |
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[[Category:Business and finance professional associations]] |
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[[Category:Industry trade groups based in the United States]] |
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[[Category:Lobbying organizations based in Washington, D.C.]] |
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Latest revision as of 14:47, 25 March 2014
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