Cenac: To better understand the complexities of home mortgages, I caught up with the head of the Nevada Mortgage Bankers Association, Jon Copeland.Note that Mr. Copeland is not the villain of the piece. The real flaming hypocrite here is John Courson, head of the national MBA.
[cut to sit-down interview]
Cenac: If I get the house, how long should I wait before I default on it?
Copeland: Um, you're going to never default. You signed a promissory note --
Cenac: But the Mortgage Bankers Association defaulted on their $79 million headquarters in Washington, DC.
Cenac: [gestures as if to say, "Well?"]
Cenac: If they did it, why can't I?
Copeland: For the association to default doesn't mean that it was the right thing to do.
UPDATE: Both the Daily Show and I are way behind on this story. The Wall Street Journal broke this story back in February; the Journal's story is hidden behind a paywall, but boston.com has its own article that links to the Journal piece.