Friday, July 09, 2010

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.
But I thought ACORN was to blame. You mean the biggest culprits are actually rich white people?

Somebody tell the Tea Party guys -- I'm sure they'll readjust their outrage accordingly.

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