What We're Hearing

It could have been worse for the Mortgage Bankers Association. Yes, it's taking a large hit on the sale of its corporate HQ in downtown Washington but at least the building's roof didn't collapse during the blizzard of 2010. An advisor close to the matter said the 'short sale' to CoStar will ensure the trade group's financial viability. "It's essential to keep MBA focused at this time," he said. "This building and the problems it caused were a distraction and an albatross around our neck." One mortgage banker said some rank-and-file members of MBA (as opposed to its board) were not happy to learn about the sale from media reports. However a trade group source said members knew what the situation was regarding the building for well over a year...