Friday, July 9, 2010
Study Shows that the Biggest Defaulters on Mortgages are the Rich
Contrary to the immigrant bashers and class warfare elitists on the right and their echo chamber, it is not the poor or immigrant working class who are defaulting the most on their mortgages, it is the rich.
In fact, more than one in seven homeowners with loans in excess of a million dollars are seriously delinquent. 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.