patrick.net

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.

Bullcrap!

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

So I read the title before I read the article :). After reading it I still agree with my original post, however many "rich" or "upper middle class" are walking away just becuase they have a "bad investment" on their hands that is a fact! However, the public shouldn't make blanket statements that everyone is just walking away because of a bad investment. We don't know everyones situation, maybe they lost their jobs, in this economy many of the "rich" lost their jobs. I also think many people even those in the upper middle class are posers and still bought more than they could afford. I think many people did regardless of econimic class.