The Washington Post is reporting the Mortgage Bankers Association might not be able to afford its nice, new, shiney, big building in downtown Washington DC. The group's budget has been squeezed by membership that has been reduced by 17%, because sham, sub-prime brokerage firms went busto. Two senior VPs have jumped, like rats off a sinking ship. Furthermore, as closing time approaches, the group's borrowing costs are rising and their prostpects for leasing out space in the build are drying up. Tough break for those who were just laid off to support the MBA's hubris.
You've gotta love it when irony comes home to roost.
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