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Like Others, Rich Are Also Falling Behind on Mortgages

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posted on Jun, 25 2010 @ 09:49 PM
Yes, in our economy that is no only failing the regular American tax payer is also failing the rich and wealthy.

We should we feel sorry for their economy woes? after all many of this in the higher tiers are business owners that also help supply the ones in the lower tier with jobs.

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.

Remember people that this the group that Obama care is to target to help pay for the HCR, but as they also are falling down with the economic woes they will probably end in the lines of the new wave of Medicaid recipients.

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.

posted on Jun, 25 2010 @ 10:05 PM
So the wealthy are less wealthy? Poor darlings.
I could care less. I am more concerned about the average American who is struggling just to get by.

posted on Jun, 26 2010 @ 10:23 AM
If they're rich, I am sure they have at least one small cabin paid off somewhere that they can move into. There is no reason to feel the least bit sorry for them. If they don't know how to function without their fancy stuff, oh well. Now they know how the rest of the population lives.

posted on Jun, 26 2010 @ 02:06 PM
Is interesting to hear that in our economy with a government catering to the filthy rich the wealthy in between believe it or not the small business owners are feeling the pinch like average joes.

The filthy rich can find all kind of financial loopholes, keep their earnings oversea and play the system, after all is their billions running the halls of congress buying out politicraps for their own benefit, to bail them out.

But the rest that are not in the higher tier and those like us in the servitude group are the ones losing our dreams and any chance to have any.

posted on Jun, 26 2010 @ 02:20 PM
Oh no!!! I hope my Dad isn't....I mean what will be left for me to get when he kicks it?

No, I have actually began to talk to my Dad again and I really seriously hope he is not falling behind. His house well, I never would have been able to afford in my entire I can see how he may get behind. Gee, I have to pray now.

posted on Jun, 26 2010 @ 02:55 PM
reply to post by ldyserenity

It is sad that those that worked hard all their life in the generation before us now are losing their American dreams along with those that never achieved that dream to Begin with.

Even my parents that work hard to have ownership of everything the have and that retire earlier than most now are starting to see their life saving going down the drain in this economy along with all the cost of medical care.

And they are not by any means in the wealthy class, just the class that work hard all their lives to retired comfortable, what used to be the true middle class.

[edit on 26-6-2010 by marg6043]

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