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Well, This Is Rich

July 9, 2010

Seems to me that I remember many on the right moaning about welfare layabouts defaulting on their mortgages, and asking why we should have to help them?  What ever happened to self-determination, and bootstraps, and all that?

Well, turns out it’s not the poor or middle-class who specialize in defaulting on mortages: Rather, it’s the wealthy (or those who aspire to be), according to research compiled for the New York Times by CoreLogic, a real estate analytics firm (also, if you think that everything in the Times is false and made up, and would like to comment thusly, just save it — I don’t want to hear it).  Here are a relevant few lines from this story:

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 are seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic.

By contrast, homeowners with less lavish housing are much more likely to keep writing checks to their lender. About one in 12 mortgages below the million-dollar mark is delinquent.

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