News In Brief

Mortgage association gets caught "underwater," misses out on profit

Bob Moon Feb 4, 2011

A final note. There’s a gleaming office building in Washington D.C. that was sold at a big loss a year ago. The property owner owed more than it was worth — and let’s just say it was an outfit that you might never guess would get itself into such a predicament.

The building was unloaded for around $41 million. And now we hear the buyer has just succeeded in flipping it — for more than double the price: $101 million.

The original owner that got caught “underwater” and missed out on all those profits? None other than the Mortgage Bankers Association.

There’s a lot happening in the world.  Through it all, Marketplace is here for you. 

You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible. 

Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.