NYT on 'Rich' Mortgage Defaulters
futureofcapitalism.com

The New York Times has a front page news article that appears under the headline "Biggest Defaulters on Mortgages Are the Rich." From the story:

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....data suggest that many of the well-to-do are purposely dumping their financially draining properties...data suggest that the rich do not seem to have concerns about the civic good uppermost in their mind

Read More...

NYT on 'Rich' Mortgage Defaulters
futureofcapitalism.com

The New York Times has a front page news article that appears under the headline "Biggest Defaulters on Mortgages Are the Rich." From the story:

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....data suggest that many of the well-to-do are purposely dumping their financially draining properties...data suggest that the rich do not seem to have concerns about the civic good uppermost in their mind

Read More...