Political Correctness "Strategic Defaulting" BS

[Copper Catcher]

13% of all people with mortgages are either behind in their payment or are already in foreclosure.

6% of the people are taking a strategic default on their mortgage if they owe $50,000 or less

33% of the people are taking a strategic default on their mortgage if they owe $1,000,000 or more

Also California has 1/3 of all the defaults. Surprise!!

So, living in million dollar homes and not paying for them and pretending it is ok

23% to 28% of all houses in the US are upside down in their mortgage!

Source:
Is it OK to walk away from mortgage?
http://www.youtube.com/watch?v=Bg0bhYpQh2Q

[adagirl]

Wow. Thanks for the info link.

[Know Common Cents]

That all begs the question of what came first:

Greedy bankers making loans they knew wouldn't remain solvent just to get something on the books to fool the public and shareholders

Greedy home buyers purchasing properties with no money down, few assets, poor credit history and no verifiable income

It's been a fool's paradise in both camps. We (meaning the US economy) will be working through this one for a couple of generations. Sad.