Minister of Science and Chief Protector of the Faith

Monday, April 07, 2008

Mortgage Bankers Can't Pay Their Own Mortgage


The Washington Post notes that last year, the "Mortgage Bankers Association was thrilled to sign a contract to buy a fancy new headquarters building in downtown Washington." Since then, however, the group "has fallen on tough times as many of the subprime mortgages dispensed by some of its members proved dicey." The result is that the group is now finding it "harder than it imagined to pay its own mortgage":
Scheduled to close on the building in the coming weeks, the association will have to pay millions of dollars more than it would have a year ago when it contracted to buy the 160,000-square-foot structure — millions of dollars it is now less able to afford. [...]

Critics also see irony — and some justice — in this predicament. "They are certainly getting what they deserve," said Dean Baker, co-director of the Center for Economic and Policy Research, a liberal research group. "Mortgage bankers encouraged people to take out mortgages that were very risky, and the result of that was a large number of the mortgages went bad and caused mortgage interest rates to soar. Now they are the victims of high mortgage rates and chaos in the market more generally." Think Progress

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At Mon Apr 07, 06:11:00 AM, Blogger Swinebread said...

ha ha!

At Mon Apr 07, 07:43:00 AM, Blogger Dean Wormer said...

Sweet irony.

At Mon Apr 07, 08:54:00 AM, Blogger Jon the Intergalactic Gladiator said...

That's the funny thing about irony, it's so ironic.

At Mon Apr 07, 07:55:00 PM, Blogger Distributorcap said...


maybe they can live in a trash can

At Mon Apr 07, 07:58:00 PM, Blogger BAC said...

This is priceless!


At Tue Apr 08, 03:01:00 PM, Blogger Dr. Zaius said...

Swinebread: Hee hee! :o)

Dean Wormer: Those poor mortgage bankers, who will lend them money?

Jon the Intergalactic Gladiator: The ironicalness of it!

Distributorcap: Maybe they can sublet a can from Oscar the Grouch.

BAC: Hee hee!

At Tue Apr 08, 09:13:00 PM, Blogger Madam Z said...

Ahhhh...Revenge is sweet!

At Wed Apr 09, 06:19:00 AM, Blogger Dr. Zaius said...

I would tend to agree, but your views on wieners makes me think twice about agreeing with you...


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