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Mortgage Bankers Association

Mortgage Bankers Association Succumbs to a Short Sale

Adam Rust's picture

Posted February 8, 2010

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

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