WASHINGTON ( TheStreet) --How bad is the mortgage crisis? It's so bad that the Mortgage Bankers Association had to sell its headquarters at a loss. Sounds like one of those jokes that make the rounds on the Internet, but sadly this one is true. The Mortgage Bankers Association sold its Washington headquarters building to CoStar ( CSGP - Get Report), a commercial real estate data firm, for $41.3 million, a little more than half the $79 million the group originally financed in 2007 through a group of banks led by PNC Financial ( PNC - Get Report), according to the Wall Street Journal. This is more than a little embarrassing for a group that represents some 2,400 lenders, loan brokers, commercial banks, thrifts and life insurance companies. You expect more from a group whose directors include executives from JPMorgan Chase ( JPM - Get Report), KeyCorp ( KEY) and other notable financial companies and whose sponsors for its 2009 annual convention included big banks such as Citigroup ( C - Get Report), Wells Fargo ( WFC - Get Report) along with Fannie Mae ( FNM) and Freddie Mac ( FRE). Surely someone affiliated with the Mortgage Bankers Association should have known better. --Written by Glenn Hall in New York. Follow TheStreet.com on
Twitter and become a fan on Facebook.