Tuesday, April 08, 2008

No Kidding....Mortgage trouble for the mortgage bankers association

You just cannot make this up..... Better than most of April Fools jokes i have heard this year.... SCHADENFREUDE !

Das kann man sich wirklich nicht besser ausdenken... Das stellt selbst die besten Aprilscherze die ich dieses Jahr gehört habe in den Schatten.....Ich hoffe das die Lobbygruppe der US Hypothekenbänker noch richtig lange auf der "Ruine" sitzen bleibt. Die Saat für zukünftig jahrelangen Leerstand hat nicht zuletzt die MBA selber in einer unsäglichen Art und Weise selber gesät. Selten war die Schadenfreude so angebracht wie in diesem speziellen Fall.


Mortgage trouble for the mortgage bankers association FT Alphaville !

A year ago the Mortgage Bankers Association - the lobbying group representing US mortgage lenders - started scouting around for new headquarters.

It found 1331 L St, Washington: “state of the art” office with a “superb” location near Franklin Park and Thomas Circle.

… [with] more than 170,000 square feet of space–approximately 65,000 square feet of which MBA will initially occupy–on 10 above-grade levels, including retail on the first floor.
The office even has its own fancy website, which you can view here.

…a crystalline glass tower element dominates the front corner, complete with crown, and is offset by a reveal, which connects to French limestone at the retail level. The white mullion and glass facades allow for an abundance of natural light and panoramic skyline views of the city.
Unfortunately, though, as the Washington Post reports, things haven’t quite worked out for the Mortgage Bankers Association. It’s having trouble with its mortgage:

The lobbying group is about to sign the final papers to buy the 12-story building on L Street NW for about $100 million. Like many of the companies it represents, the organization is facing a triple whammy of woes: Its financing costs are up, its income is down, and the leasing market is slow, leaving it, so far, without a single tenant.
The association is faced with a deposit 10 per cent higher than it had previously thought, with greatly increased interest charges to boot. “We’re looking at cutting expenses across the board” the MBA’s communications VP told the WaPo.

Some irony, of course, that all of this has been caused by the reckless lending orchestrated by the mortgage lenders the MBA represents and has stridently defended.

On the off chance that you are actually interested in leasing any Washington office space from the MBA (N.B. “the stunning entrance lobby exudes quiet elegance and warmth”), you can contact them here.


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4 Comments:

Anonymous yellerkat said...

Seen the latest UK figures?!?

4:33 AM  
Blogger jmf said...

Moin,

YUP!

Free falling.....

4:39 AM  
Anonymous Barley said...

Morning to you.

WaMu > 1 cent dividend costs 86 cents to distribute.

Sound cost control managment!

7:54 AM  
Blogger jmf said...

Moin Barley,

here how not to create shareholder value.....


I Want My Buyback Back..... Washington Mutual Edition Part II

8:23 AM  

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