Skip to comments.Biggest Defaulters on Mortgages Are the Rich
Posted on 07/08/2010 10:25:14 PM PDT by Tempest
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.
Though it is hard to prove, the CoreLogic data suggest that many of the well-to-do are purposely dumping their financially draining properties, just as they would any sour investment.
(Excerpt) Read more at nytimes.com ...
For so long I've read how the rich create jobs. Instead of destroying jobs or shipping them over seas. How the rich are more deserving because htey work harder and are more responsible.
And worse off, there are still plenty of sheep that buy into that big steaming pile of crap.
Probably ‘Rat donors.
The old gray whore is lying again
You believe a study for the NY Times?
The last time I checked, all those foreclosures were due to middle to low income homeowners.
Just another “Evil rich people” article.
It’s misguided to stereotype a particular group—whether “rich” or “poor.” A lot of people did really dumb things in the years and decades leading up to the financial crisis, and practically every American benefited in some manner from the credit orgy, whether directly or indirectly.
You’d be surprised at how many of those rich fat cats living high on the hog are just barely getting by.
The silly noose-paper didn’t look at incomes at all; it looked at house prices. How many of these are the neuveau-poor, so to speak? Who overextended themselves when money was easy, and are now unemployed and broke or close to it?
The origin of this crisis started when the government forced banks to rewrite standard mortgage credit practices. People who weren’t credit worthy were put into homes they couldn’t afford. It all went down hill from there.
Plenty of blame to go around.
The study wasn’t done by the NY Times.
I also don’t understand why so many here defend the rich. The rich most the time support the DNC and they certainly don’t support social conservatism.
When they’re not looking to sell out America piece meal. They’re looking to regulations changed to favor them in the most selfish of manners.
Moral bankruptcy should not be the aspiration of the GOP
Bwhahaha.... Perhaps if they didn’t live beyond there means they wouldn’t “barely be getting by”.
Great testament to personal responsibility
UH...ever heard of the “Millionaire next door”...you know...the one who does NOT live in a million dollar home? Drives a used car? Lives modestly? I’ll bet that a lot of those in million dollar homes that are foreclosed on....were NOT really “rich.” They just leveraged themselves to look like they were.
“The rich” didn’t all get that way from an infinite lineage of old money. Some hustled their way from the bottom believing in the American dream of an honest return for an honest effort, skill, and/or talent. It is not fair to lump them all together. Also, not too many people have been hired by the poor, after all.
Please explain to me what you consider to be “Rich?”
Woah now, don't be bringing logic or common sense into this. This is the time for scapegoating, not thinking things through.
the article is prolly right
there are 7 rich guys with huge loans and one aint payin up
and there are 1200000 middle class home owners and 12k of em arnt payin up. Still 1 n 7 and 1 n 12 respectively.
sooooo the ole NYT just adjust the ole ratio and presents the numbers in a way that suites them.
sadly there are idiots that will allow the nyt to lead them to a preditermined conclusion.
Rich are people who have more than me who didn’t earn it.
The poor are people who have less than me, who didn’t earn that, either.
I’m the only person who have ever earned anything, ever, and the rich and poor are taking my share.
Hustle sounds about right for a high percentage.
Yeah I’m sure those folks aren’t the ones that default. It’s more the Orange county housewives crowd that so many here misguidedly defend.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.