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Sunday, April 06, 2008

Dispatches from Libertopia: Mortgage Bankers Association Having Trouble Paying Mortgage on Shiny New Headquarters

[From The Washington Post, found via ThinkProgress]
A year ago, the Mortgage Bankers Association was thrilled to sign a contract to buy a fancy new headquarters building in downtown Washington…. [S]ince then, the association has fallen on tough times as many of the subprime mortgages dispensed by some of its members proved dicey. Borrowers discovered the loans were more costly than they had anticipated. Foreclosures soared, and cheap, inexpensive credit dried up…. The trade group is about to find it harder than it imagined to pay its own mortgage…. [T]he [A]ssociation will have to pay millions of dollars more than it would have a year ago…. millions of dollars it is now less able to afford.

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