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Biggest Defaulters on Mortgages Are the Rich


               
2010 Jul 8, 11:33am   10,580 views  55 comments

by Vicente   follow (1)  

Let's put to bed the notion that this is all about the brown people with subprime loans.

Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population.

More than one in seven homeowners with loans in excess of a million dollars is seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic.

NY Times

#housing

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1   Condohelp   @   2010 Jul 8, 12:07pm  

I don't know if hose people are "rich". Many middle class people bought homes that were a million with neg am loans and predatory lending. You can't blame the people as much as you should blame the government for letting all regulation go on lending practices. Many people didn' t even understand the loans they got into.

2   Done!   @   2010 Jul 8, 12:23pm  

Bullcrap!

People (EVERYONE that bought at insane prices) wanted a house, they would have signed a firstborn clause, to get the loan.

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