Blame the rich for mortgage crisis | Arkansas Blog

Friday, July 9, 2010

Blame the rich for mortgage crisis

Posted By on Fri, Jul 9, 2010 at 9:04 AM

Speaking of Fox fanatics. Listen to them and you hear that the mortgage crisis is solely the work of Acorn and deadbeats who abused subprime mortgages.

The facts sure can get in the way of a good story. From the NY Times:

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 writing checks to their lender. About one in 12 mortgages below the million-dollar mark is delinquent.

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