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I like to see banks get a taste of their own medicine as much as anybody but a Washington Post article gleefully cited and misrepresented by “Think progress” tries to lead readers into believing The Mortgage Bankers Association is having trouble paying its own mortgage…….on a building THEY DON’T OWN YET !

Think Progress » Blog Archive » Mortgage Bankers Association finding it harder to pay its own mortgage.

The Washington Post notes that last year, the “Mortgage Bankers Association was thrilled to sign a contract to buy a fancy new headquarters building in downtown Washington.” Since then, however, the group “has fallen on tough times as many of the subprime mortgages dispensed by some of its members proved dicey.” The result is that the group is now finding it “harder than it imagined to pay its own mortgage“:

Housing Crisis Hits Its Own - washingtonpost.com

Scheduled to close on the building in the coming weeks, the association will have to pay millions of dollars more than it would have a year ago when it contracted to buy the 160,000-square-foot structure — millions of dollars it is now less able to afford.

I wonder if Amanda from ThinkProgress actually reads and “Thinks” about the articles she links to? ….now that would be “Progress”!

How can the Mortgage Bankers Association be “finding it harder” to make payments on a mortgage on a building it doesn’t own and a mortgage it doesn’t have yet?

Technorati Tags: thinkprogress, nutroots, washington post, media, mortgage, lending

Looking to add some drama to the already traumatized housing market the Associated Press figured it would inject some “fabulistic” journalism.

AP - Some U.S. homes worth less than their copper pipes

In areas hit hardest by foreclosures, such as the Slavic Village neighborhood of Cleveland, Ohio, copper and other metals used in plumbing, heating systems and telephone lines are now more valuable than some homes.

“We’re in an incredibly unfortunate time where the nonferrous metals commodities market for scrap is at an all-time high. Houses are getting stripped pretty quickly once they go through the foreclosure process,” Cleveland city councilor Tony Brancatelli said.

“We’re seeing houses sold for $100 that are distressed houses that should not be recycled,” he said. Some boarded-up homes in his Slavic Village community have “No copper, only PVC” painted on the boards to stop would-be thieves.

But hey look on the bright side, our streets are full of less litter!



Tags:
copper, real estate, housing, ap, associated press