Those With Default More Than Those Without

This landmark San Francisco property was repo'd with a mortgage balance due of $11,363,000. Ahh... them po' rich.

The NYT puts it bluntly: "Biggest Defaulters on Mortgages Are the Rich." Contrary to the anti-poor Republican propaganda that blamed overreaching plebs for the economic crash, it seems wealthier homeowners are the ones most likely to screw lenders:

More than one in seven homeowners with loans in excess of a million dollars are 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.

Worst of all, while poor folks default because they're broke, rich folks "are purposely dumping their financially draining properties, just as they would any sour investment" according to CoreLogic.