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Very Good, Phillip!
You, too, found the CoreLogic data, chart & article; and found it truly fascinating.
{Is the name, Corelogic, another of those puns?}
Moving to AZ when my mother died, we found ourselves surround and badly outnumbered by all those "red state" people - you know the one's, their faces are bright "red" with anger, if not core logic.
But, to The Point - would you be surprised to learn that each day there are literally hundreds of comments submitted to the AZ Republic that decry the reprobates who refuse to live up to their contracts!!
NO body, not even one of U.S., should ever be allowed - economically, legally, ethically OR politically - to not keep our promise to pay, and pay, and pay, on our underwater RE loans. MOG, will all of "Those People" find your/the CoreLogic data, chart and story to be, absolutely "not just", too insulting to their firmly held beliefs. And, no, Phillip, that was not a question.
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Foreclosure Friday:
The Top 1 Percent Stick It to the Banks
July 09, 2010
"The rich are less susceptible to the shame and fear-mongering used by the government and the mortgage banking industry to keep underwater homeowners from acting in their financial best interest." - Brent White
One in seven homeowners with loans over $1M is in default.That compares to 1 in 12 loans below the $1M mark. This is putting a huge amount of stress on the financial system as 23% of all luxury homes bought as investments are now 90 days or more overdue, compared to just 9% of the smaller homes.
Don’t think of this as a 1:1 relationship either as the cut-off of $1M means that a single $10M unpaid mortgage above the line is worth 100 $100,000 loans (the national average) that are unpaid below the line so the distortion from a cash basis is close to a level of 100:1, which just so happens to be the difference in the income level between the top 1% and the bottom 99% as well!
“The rich are different: they are more ruthless,”
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