It appears Mr. Courson and the Mortgage Bankers Association are exempt from dire consequences and moral hazard when they walked away from their corporate headquarters building recently. They purchsing the property 3 years ago for $79 million. Clearly Mortgage Bankers do not have the same moral obligation nor responsibility as mere mortals who sign a promissory note.
Mortgage Bankers Association Web Page
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., MBA invests in communities across the nation by ensuring the continued strength of the nation's residential and commercial real estate markets; expanding homeownership and extending access to affordable housing to all Americans and supporting financial literacy efforts. _
Make no mistake about it; we are an organization dedicated to helping our members do their business. We actively advocate for our members, and have done so for nearly a century. We have seen the real estate finance industry evolve into one of the strongest and most sophisticated of global markets.
We promote fair and ethical lending practices and foster professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. We have over 2,400 member companies, including all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, life insurance companies and others in the mortgage lending field.
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Mr. Courson also walked away from his mortgage company. He had hundreds of employees that expected a paycheck in a few days. On the Tuesday before he sent out an e-mail. "Sorry I have to close the company, by the way no paychecks on Friday" He had spent all the money.
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