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MBA Sells Headquarters at Big Loss

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FOR MBA, PAYING THE MORTGAGE WAS "ECONOMICALLY IMPRUDENT"
"Like millions of American households, the Mortgage Bankers Association found itself stuck with real estate whose market value has plunged far below the amount it owed its lenders," the Wall Street Journal reported. "But the trade group for mortgage lenders is refusing to say exactly how it extracted itself from that predicament. When the MBA announced the purchase of the building in early 2007, the trade group's president at the time, Jonathan Kempner, said: "We have come to the inescapable conclusion that owning our own building was the smartest long-term investment for the association." In October 2009, however, the MBA informed its members that it had put the building up for sale. At that time, the MBA said that continued ownership of the building, which was financed with $75 million of variable-rate debt, would be "economically imprudent.""

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