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Friday, July 9, 2010

Million-Dollar Borrowers Defaulting

More than 14 percent — one in seven — borrowers with mortgages greater than $1 million have stopped paying them. Slightly more than 8 percent of mortgages of less than $1 million are delinquent, according to real estate analytics firm CoreLogic.

“The rich are different: They are more ruthless,” says Sam Khater, CoreLogic’s senior economist.

CoreLogic points out that the wealthy don’t seem to be particularly worried about the concerns of lesser earners like being sued by their lender or prevented from getting a mortgage in the future.

Source: The New York Times, David Streitfeld (07/08/2010)

1 comment:

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