Safe Mode: On
Biggest Defaulters on Mortgages Are the Rich

July 8, 2010
Biggest Defaulters on Mortgages Are the Rich
By DAVID STREITFELD
LOS ALTOS, Calif. — No need for tears, but the well-off are losing their master suites and saying goodbye to their wine cellars.

The housing bust that began among the working class in remote subdivisions and quickly progressed to the suburban middle class is striking the upper class in privileged enclaves like this one in Silicon Valley.

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 writ

-

Added: Jul-9-2010 
By: joalexan
In:
LiveLeaks
Tags: Mortgage Default, Rich, Fannie and Freddie
Views: 8302 | Comments: 14 | Votes: 1 | Favorites: 0 | Shared: 0 | Updates: 0 | Times used in channels: 1
You need to be registered in order to add comments! Register HERE
Sort by: Newest first | Oldest first | Highest score first
Liveleak opposes racial slurs - if you do spot comments that fall into this category, please report them for us to review.