So much for the right-wing’s ‘moral hazard’ argument as regards to the poor (they somehow never apply it to the rich). Turns out the top 10 percent in income, who have benefited from all those lavish tax cuts since St. Ronnie was president, are dumping their luxury homes at much a higher rate than those below them on the economic ladder. Gee, who would of thought that those who can afford to pay the mortgage would just stiff the bank?
Biggest defaulters on mortgages are the rich
Wealthy simply see loss of home as one bad investment and walk away
The New York Times
July 8, 2010
An excerpt from the article:
“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.”
Maybe because, if you have another home or two to live in, it’s easier to just let one go as a tax write off loss.
Who’s your welfare queen now Ronnie?
Yes, the ‘welfare queen’ with the new Cadillac that no one was ever able to find. I’ll have to Google and try to find an article I read in the newspaper back in the late ’80s; I don’t recall who wrote it or the headline, but it basically said that there was a hundred times the spending on corporate welfare during Reagan’s tenure than there was on welfare spending for poor folks. Obviously, that situation must have worsened under junior Bush following welfare reform in the 1990s. It’s amazing the people I’ve met who say corporate welfare doesn’t bother them because it creates jobs (it hasn’t and doesn’t), but a fraction of their tax dollar, about the same amount of change as they might find in their couch, going to help a poor American makes them livid with rage. Part of the Republican master plan — make us all mean and miserly toward each other while we forget about Big Corpo behind the curtain bleeding us dry as he lowers our standard of living in the name of ‘competition with foreign markets.’