Last year, the CEO of the powerful Mortgage Bankers Association, John Courson, said that underwater borrowers should keep paying on their mortgage loans and should not walk away from lawful debts. In the interview, Courson wanted to appear genuinely concerned about this, adding: What about the message they will send to their family and their kids and their friends?
Obviously, Mr. Courson was not just speaking as a defender of financial institutions. Clearly, he was showing how much he cares for people and their personal relationships. He believes the children are our future. He thinks we should teach them well and let them lead the way. That we should show them all the beauty they posses inside. Give them a sense of pride. To make it easier… let the childrens laughter… remind us how we used to be.
Why thank you John… youre no Whitney Houston, but youve got me all teary eyed over here.
Theres just one little, teeny-tiny, almost insignificant smidgeon of a problem with what the Mortgage Bankers Associations CEO was saying: He was (now quite obviously) completely full of beans.
This past week, the Co-Star Group, Inc., indicated that it had agreed to buy the MBAs 10-story headquarters building in DC for $41.3 million. The only problem is that $41.3 million comes up a skosh shy of the $75 million first mortgage on the building that the MBA took out from PNC Financial Group way back in 2007, when they purchased the property for $79 million.
You remember 2007, dont you John? That was the last year that all of those irresponsible homeowners, thinking real estate prices would go up forever, kept over leveraging themselves, buying properties without the traditional 20% down payment. What a bunch of irresponsible idiots, right Johnny Boy? Now that the bubble has popped, those homeowners should just be taking their medicine like men, dont you agree John? The last thing they should do is walk away from their lawful debts, isnt that what you said?
So I mean, what kind of message are YOU now sending to your family, your children, and your friends by walking away from your lawful $75 million debt? Are they being morally harmed by your decision to stick the bank with close to $25 million? And why arent you simply paying your mortgage as agreed, Mr. Courson?
Just last year, you pointed out that defaults hurt neighborhoods by lowering property values, so borrowers would do less harm to our society were they just to repay what they owe. You know… like the responsible homeowners. Youre not trying to destroy prices of commercial properties in Washington D.C. are you?
And, as I understand it, the MBA also defaulted on their payments and secured a forbearance agreement, prior to the short sale
. Well, nicely done, Johnny-O. Maybe you should open a loan mod firm and start helping homeowners.
So… I think Ive got your message, Mr. Courson. I think I know exactly what you wanted to say to your family, your children and your friends… Do as I say. Not as I pay.
Does that about sum it up for you, Mr. John Courson, you insouciant jackass.
Epilogue: So, obviously John Coursons hypocrisy knows no bounds, but its becoming increasingly apparent that hubristic hypocrisy within the Banksters various lobbying organizations is endemic. Because of this emerging fact, I thought this months Rear has a runner up.
Enter Mr. Tom Shaner, the Director of the Maryland Association of Mortgage Professionals. Obviously incapable of generating an original thought, Mr. Shaner, when responding recently to the issue of lenders being pressured to modify mortgages for homeowners, simply parroted the company line about how the homeowners cant afford the homes in all cases, and about how loan modifications will destroy the sanctity of contracts thus ending life in the free world as we know it.
Recently he was quoted in a Maryland newspaper: Maryland is getting a horrible anti-business image. If contracts in this state are null and void when its politically advantageous … people are not going to do business in this state.
Hey Tommy boy… you want to know another time when people wont want to do business in Maryland? How about after imbeciles like you have ensured that the State of Maryland remains deep in its recession for decades to come… THAT might be a bad time to do business in Maryland. Or how about when the banking and mortgage industry players, all decide to bankrupt our nations, and in fact, the entire worlds financial markets through behaviors and practices that should land them in jail. THAT always has the tendency to suppress business growth, dont you know.
Memo to mortgage banksters… the gig is up. Although you can, and Im sure will, continue to run about saying things that defy all reason in an obvious and heavy handed attempt to fear monger our elected representatives into doing your bidding without concern for this countrys greater good, but its not going to work in the long run and the pain that you will endure as a result could last for decades to come.
Just thinking out loud over here… not that Im expecting you to understand or take the message to heart. As a group, you are obviously incapable of shame.
Now in closing, please stand for our national anthem:
My country used to be
More than an economy
Of thee I sing
Land where I bought my house
When I still had a spouse
Next time Ill vote for Mickey Mouse
Or move to Bejing
Or maybe that verse should read:
Now we pledge our thanks
To those that run the banks
To take our country back, we may need tanks
Let freedom ring
Okay? Well, Im still working on it. Send your ideas to: email@example.com