09 Jul 2010

Rich Walking Away From Underwater Loans

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The most affluent Americans are “less susceptible to the shame and fear-mongering used by the government and the mortgage banking industry to keep underwater homeowners from acting in their financial best interest” and are with increasing frequency ceasing to make mortgage payments.

One in seven mortgages of over a million dollars is currently in default. NYT. The overall default rate is 9.2%.

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