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Politics : American Presidential Politics and foreign affairs
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To: TimF who wrote (44639)8/3/2010 7:12:33 AM
From: DuckTapeSunroof  Read Replies (1) of 71588
 
So... her argument (after examining the same data) is that "the rich" ARE defaulting at a higher rate than the general population is --- but that there is no real way to tell if those are predominantly "strategic defaults" (i.e., borrower is ABLE to make payments but is simply choosing NOT TO... making an investment decision that walking away from the debt is more financially advantageous than the alternative of continuing to pay on it when the property value has fallen so it is not "underwater") or if they are not.

(Wouldn't it be just as difficult to say whether the abandonment of mortgage obligations was "strategic" or not for EVERYONE ELSE too? :-)

In any event --- (whether out of "need" or "desire") the article you posted confirms the same basic thing that the original NYT piece stated: that "the rich" are WALKING AWAY FROM THEIR MORTGAGES at a much higher rate than the rest of the population is.....
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