Hoist on their own petard, the Mortgage Bankers Association (a Washington lobby group) signed a contract last year to buy a fancy new headquarters building in downtown D.C. and planned to lease out part of the building. But, in 2008, the bottom fell out of the mortgage business due to the collapse of subprime mortgages, and the association lost 500 of its 3,000 dues-paying members and their $47 million annual revenue has been greatly reduced.
Gee. All their lobbying efforts to deregulate banking have backfired. Awww. Sooo sad.`Will there be a foreclosure on the new building on I Street? Will Congress bail out a lobby group?
*exerpted from The Washington Post, April 6, 200 8, p. 1 (below the fold)
Irony" incongruity between the actual result of a sequence of events and the normal or expected result. Webster's New Colmegiate DictiOnary.