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.
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