‘Biggest Defaulters On Mortgages Are The Rich,’ Times Reports

An article in the New York Times today reports that more than one in seven homeowners owing more than a million on a mortgage loan is in default – well in excess of the default rate for smaller mortgages, which is one in 12. Sam Khater, a senior economist for CoreLogic, is quoted in the article as stating, “The rich are different: they are more ruthless.” Indeed. 

The article, by David Streifeld, is available at http://www.nytimes.com/2010/07/09/business/economy/09rich.html?hp=&pagewanted=print.