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Stewart Torches The Mortgage Bankers

The Daily Show With Jon Stewart Mon – Thurs 11p / 10c
Mortgage Bankers Association Strategic Default
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Ah, there’s nothing like hypocrisy among the rich and powerful.

And the Mortgage Bankers Association provided an easy target for a segment about strategic default on The Daily Show With Jon Stewart last week.

The MBA preaches that it’s morally and ethically wrong for homeowners to deliberately stop paying their mortgage just because they owe more than their homes are worth.

Yet every indication is that the Mortgage Bankers did exactly that last February.

The association appears to have forced a short sale of its Washington headquarters after the value of the office building plummeted.

The MBA bought the building for $79 million, using $75 million in borrowed money. It sold the building for $41 million.

Someone took a haircut. The Mortgage Bankers won’t say who.

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