Thursday, July 08, 2010

We're All Subprime Now And Forever

It's a bit hard to comprehend that this housing/foreclosure crisis stuff has been going on for...fucking years already. As is so often the case, the maintstream media got it completely wrong initially, painting it as a "subprime" crisis due to bad behavior by unworthy brown people.

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 is 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.