It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Now, growing numbers of well heeled Americans, their portfolios hammered by depressed markets, have stopped repaying loans or even walked away from mortgages.
"The affluent are not immune to the recession. It just took a while to manifest itself," said Jay Welker, chief executive of Wells Fargo Private Bank. "In this economy, the high net worth segment has had to de-leverage itself as well."
The rich by definition can weather a job loss or down markets longer than the average Joe. Yet their wealth is linked to securities, properties and hard-to-sell assets such as private businesses.
North America's millionaires still have not yet fully recovered $11 trillion lost in the crisis.
First American CoreLogic, which tracks U.S. real estate and mortgages, says the percentage of $1 million-plus loans more than 90 days delinquent rose to 13.3 percent in February, half again as high as the 8.6 percent overall delinquency rate.
The million-dollar delinquency rate has exceeded the overall delinquency rate since April 2008.