MBA Sells Headquarters at a Huge Loss

The Mortgage Bankers Association (MBA) has suffered the consequences of an inflated mortgage and falling property values. Last week, CoStar Group bought the organization’s D.C. headquarters for $41.3 million, somewhat less than the $79 million the group reportedly paid in 2007.

According to the Wall Street Journal:

The price also is far below the $75 million financing that the MBA received from a group of banks led by PNC Financial Services Group Inc. to finance the purchase.