Biggest Defaulters on Mortgages Are the Rich

[Arraya]

http://www.csmonitor.com/Money/Paper-Economy/2010/0709/Foreclosure-double-standard-Why-the-rich-get-away-with-defaulting?source=patrick.net
Foreclosure double standard: Why the rich get away with defaulting
Homeowners of modest means who walk away from their housing debt are viewed as dead beats while the wealthy who do the same are presumed to be making a good financial decision.

[SanDiegoDave]

In the article they do not define “rich”. Are they “rich” by Obama’s standards (i.e., the middle class in most big metro areas), or are they “rich” by Ty Webb/Judge Smails standards?

Not that it should matter either way. If you were holding on to a stock or other security that was tanking, would you hold on to it and watch it dwindle away, or get rid of it and cut your losses?

[SanDiegoDave]

In the article they do not define “rich”. Are they “rich” by Obama’s standards (i.e., the middle class in most big metro areas), or are they “rich” by Ty Webb/Judge Smails standards?

Not that it should matter either way. If you were holding on to a stock or other security that was tanking, would you hold on to it and watch it dwindle away, or get rid of it and cut your losses?

[SanDiegoDave]

In the article they do not define “rich”. Are they “rich” by Obama’s standards (i.e., the middle class in most big metro areas), or are they “rich” by Ty Webb/Judge Smails standards?

Not that it should matter either way. If you were holding on to a stock or other security that was tanking, would you hold on to it and watch it dwindle away, or get rid of it and cut your losses?

[SanDiegoDave]

In the article they do not define “rich”. Are they “rich” by Obama’s standards (i.e., the middle class in most big metro areas), or are they “rich” by Ty Webb/Judge Smails standards?

Not that it should matter either way. If you were holding on to a stock or other security that was tanking, would you hold on to it and watch it dwindle away, or get rid of it and cut your losses?

[SanDiegoDave]

In the article they do not define “rich”. Are they “rich” by Obama’s standards (i.e., the middle class in most big metro areas), or are they “rich” by Ty Webb/Judge Smails standards?

Not that it should matter either way. If you were holding on to a stock or other security that was tanking, would you hold on to it and watch it dwindle away, or get rid of it and cut your losses?

[scaredyclassic]

if this is on itunes, i’ll get it tonight. song’s 30 years old i think but still makes sense…

Dead Kennedys

“Kill The Poor”

Efficiency and progress is ours once more
Now that we have the Neutron bomb
It’s nice and quick and clean and gets things done
Away with excess enemy
But no less value to property
No sense in war but perfect sense at home:

The sun beams down on a brand new day
No more welfare tax to pay
Unsightly slums gone up in flashing light
Jobless millions whisked away
At last we have more room to play
All systems go to kill the poor tonight

Gonna
Kill kill kill kill Kill the poor:Tonight

Behold the sparkle of champagne
The crime rate’s gone
Feel free again
O’ life’s a dream with you, Miss Lily White
Jane Fonda on the screen today
Convinced the liberals it’s okay
So let’s get dressed and dance away the night

While they:
Kill kill kill kill Kill the poor:Tonight

[scaredyclassic]

if this is on itunes, i’ll get it tonight. song’s 30 years old i think but still makes sense…

Dead Kennedys

“Kill The Poor”

Efficiency and progress is ours once more
Now that we have the Neutron bomb
It’s nice and quick and clean and gets things done
Away with excess enemy
But no less value to property
No sense in war but perfect sense at home:

The sun beams down on a brand new day
No more welfare tax to pay
Unsightly slums gone up in flashing light
Jobless millions whisked away
At last we have more room to play
All systems go to kill the poor tonight

Gonna
Kill kill kill kill Kill the poor:Tonight

Behold the sparkle of champagne
The crime rate’s gone
Feel free again
O’ life’s a dream with you, Miss Lily White
Jane Fonda on the screen today
Convinced the liberals it’s okay
So let’s get dressed and dance away the night

While they:
Kill kill kill kill Kill the poor:Tonight

[scaredyclassic]

if this is on itunes, i’ll get it tonight. song’s 30 years old i think but still makes sense…

Dead Kennedys

“Kill The Poor”

Efficiency and progress is ours once more
Now that we have the Neutron bomb
It’s nice and quick and clean and gets things done
Away with excess enemy
But no less value to property
No sense in war but perfect sense at home:

The sun beams down on a brand new day
No more welfare tax to pay
Unsightly slums gone up in flashing light
Jobless millions whisked away
At last we have more room to play
All systems go to kill the poor tonight

Gonna
Kill kill kill kill Kill the poor:Tonight

Behold the sparkle of champagne
The crime rate’s gone
Feel free again
O’ life’s a dream with you, Miss Lily White
Jane Fonda on the screen today
Convinced the liberals it’s okay
So let’s get dressed and dance away the night

While they:
Kill kill kill kill Kill the poor:Tonight

[scaredyclassic]

if this is on itunes, i’ll get it tonight. song’s 30 years old i think but still makes sense…

Dead Kennedys

“Kill The Poor”

Efficiency and progress is ours once more
Now that we have the Neutron bomb
It’s nice and quick and clean and gets things done
Away with excess enemy
But no less value to property
No sense in war but perfect sense at home:

The sun beams down on a brand new day
No more welfare tax to pay
Unsightly slums gone up in flashing light
Jobless millions whisked away
At last we have more room to play
All systems go to kill the poor tonight

Gonna
Kill kill kill kill Kill the poor:Tonight

Behold the sparkle of champagne
The crime rate’s gone
Feel free again
O’ life’s a dream with you, Miss Lily White
Jane Fonda on the screen today
Convinced the liberals it’s okay
So let’s get dressed and dance away the night

While they:
Kill kill kill kill Kill the poor:Tonight

[scaredyclassic]

if this is on itunes, i’ll get it tonight. song’s 30 years old i think but still makes sense…

Dead Kennedys

“Kill The Poor”

Efficiency and progress is ours once more
Now that we have the Neutron bomb
It’s nice and quick and clean and gets things done
Away with excess enemy
But no less value to property
No sense in war but perfect sense at home:

The sun beams down on a brand new day
No more welfare tax to pay
Unsightly slums gone up in flashing light
Jobless millions whisked away
At last we have more room to play
All systems go to kill the poor tonight

Gonna
Kill kill kill kill Kill the poor:Tonight

Behold the sparkle of champagne
The crime rate’s gone
Feel free again
O’ life’s a dream with you, Miss Lily White
Jane Fonda on the screen today
Convinced the liberals it’s okay
So let’s get dressed and dance away the night

While they:
Kill kill kill kill Kill the poor:Tonight

[poorgradstudent]

I got into it with someone else on a different thread, but if you’re in the top quintile of income, you are “rich”. If you are in the top 1%, have net assets of $1m+, you are “super rich”. In 2004 to be “rich” a household needed about $88k per year, nationally. From what I could find about San Diego, it’s probably comparable, perhaps a few thousand higher. With inflation I’d be willing to grant it’s probably close to $100k/year in San Diego to be “rich”.

One HUGE problem in this country is those of means tend to think of themselves in the middle, focusing more on the very few who make more than them than the huge numbers who make less.

[poorgradstudent]

I got into it with someone else on a different thread, but if you’re in the top quintile of income, you are “rich”. If you are in the top 1%, have net assets of $1m+, you are “super rich”. In 2004 to be “rich” a household needed about $88k per year, nationally. From what I could find about San Diego, it’s probably comparable, perhaps a few thousand higher. With inflation I’d be willing to grant it’s probably close to $100k/year in San Diego to be “rich”.

One HUGE problem in this country is those of means tend to think of themselves in the middle, focusing more on the very few who make more than them than the huge numbers who make less.

[poorgradstudent]

I got into it with someone else on a different thread, but if you’re in the top quintile of income, you are “rich”. If you are in the top 1%, have net assets of $1m+, you are “super rich”. In 2004 to be “rich” a household needed about $88k per year, nationally. From what I could find about San Diego, it’s probably comparable, perhaps a few thousand higher. With inflation I’d be willing to grant it’s probably close to $100k/year in San Diego to be “rich”.

One HUGE problem in this country is those of means tend to think of themselves in the middle, focusing more on the very few who make more than them than the huge numbers who make less.

[poorgradstudent]

I got into it with someone else on a different thread, but if you’re in the top quintile of income, you are “rich”. If you are in the top 1%, have net assets of $1m+, you are “super rich”. In 2004 to be “rich” a household needed about $88k per year, nationally. From what I could find about San Diego, it’s probably comparable, perhaps a few thousand higher. With inflation I’d be willing to grant it’s probably close to $100k/year in San Diego to be “rich”.

One HUGE problem in this country is those of means tend to think of themselves in the middle, focusing more on the very few who make more than them than the huge numbers who make less.

[Author]

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