Mortgage Bankers Association Succumbs to a Short Sale

The Mortgage Banker’s Association of America, unable to make good on its mortgage, has entered into a short sale on its commercial loan outstanding on its Washington, DC headquarters.  The MBAA is selling to CoStar for $41.3 million, a sum far short of the $75 million in debt that they took out in 2007.

The MBAA announced their intentions back in October to sell 1331 L. St. because they couldn’t make payments on their $79 million headquarters. The MBA had a whopper of a mortgage – a variable-rate loan mortgaged at 94.9 percent (more…)