You Know Things Are Bad When….the Mortgage Bankers Association Puts THIS On Sale….

~~By InsightAnalytical-GRL

The Washington Business Journal is reporting that the MBA is putting it’s nearly-new headquarters building up for sale:

MBA puts new headquarters up for sale – Washington Business Journal

The Mortgage Bankers Association is putting its new downtown headquarters building up for sale, citing the economic downturn.

The MBA’s headquarters, a 170,000-square-foot, 10- story building at 1331 L St. NW, was completed in the summer of 2008.

Spiffy "green" MBA Headquarters

The Association’s chief executive officer has decided that it would be “imprudent” to hang onto the building, which is one of a very few in Washington D.C. that meets “green” building standards:

“Since its purchase in May 2008, the U.S. economy has suffered one of the most severe recessions in a century, and the residential and commercial real estate markets have deteriorated,” said MBA chief executive John Courson in a letter to members.“ These factors, coupled with a challenging leasing environment, led the MBA board to conclude that continued ownership of 1331 L Street was economically imprudent, and over the long term would impair MBA’s ability to continue providing out members with MBA’s full range of services.”

I”m not exactly what services they provide to members, but I hope they’re giving them free lessons on how NOT to make crummy loans…

…’Nuff said…