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Defaults Hit the Rich

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The New York Times reports that the wealthy are increasingly walking away from mortgages, and that "one in seven homeowners with loans in excess of a million dollars are seriously in delinquent," according to the paper, which quotes experts stating the rich have no qualms about ditching their payments. ''The rich are different: they are more ruthless,” said Sam Khater, CoreLogic’s senior economist." Then again, maybe the poor just walked away earlier. [NYT/NYT]