[whitedog57]

Thanks Democrats! The rich act recklessly and the middle class gets the shaft.

[Pollster1]

Millionaires Defaulting On Mortgages . . . Foreclosure activity on properties in the $5 million-plus value range is up 61 percent from the same time period in 2012

Either they are no longer millionaires, just broke people who splurged when they had high incomes, or they are lowlife scum millionaires who are choosing to walk away from a moral obligation to pay their debts just because it's more profitable than acting with integrity. [Note: I recognize that some on FR disagree and see the mortgage as a mere contract with a penalty clause but no moral dimension. I see the mortgage as a promise to pay that carries a moral dimension, as all promises do.]

[cicero2k]

Wait until Ocare sinks in. On average a 41% increase. So take off another 6.4% from the household.

[yefragetuwrabrumuy]

I am looking forward to the wealthy not mortgaging their homes, but having them built from scratch. And not “McMansions”, but quality homes they hope will last generations.

[RegulatorCountry]

It's not recklessness to very wealthy individuals who make a calculated decision. They're indicating a belief that it's a bad bet going forward and are cutting their losses. Not a good sign for residential real estate, imho, which has recovered to some decent extent in much of the country. Headed back down again, is the implication of this. The moral dimension is a middle class affectation, to them. Bourgeois sentimentality, impractical. It's merely a contract, the requirements of which are stipulated and clearly spelled out, as are the penalties for breach. Contracts are breached all the time, often for rational reasons by individuals or companies fully aware of the consequences, which have been weighed and considered before any action was taken.

[DrDude]

Foreclosure down 23% YTD.

Most people have already lost their homes. This stat is not a plus. Its like employment. Once you lose your job you can’t lose it again.

[tom paine 2]

Rich people are just as capable as us proles at living above their income level, maybe more so.