News came this morning about the rate at which people in different demographics default on their mortgages. There has been a couple of years’ worth of right-wing rage directed at people who took loans out and ended up not being able to make their payments. I won’t hold my breath waiting for them to direct that rage at the folks who can’t (won’t) pay most often: the super-rich.
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.
Over 14% of million dollar-plus loans are delinquent (and the number is rising).
Only 8% of the rest of loans are delinquent (and the number, which hasn’t been much higher is shrinking).
Guess which demographic is the recipient of the faux rage of the lunatic right-wing. It’s poor people who are lazy and who want to take advantage of the rest of us, according to them. Observe the immoral mission right-wingers took upon themselves to take down the agency that helped some of the non-rich figure out how to buy a house (ACORN). That agency had its government funding revoked. Will they demand that rich people get their wealth (which was transferred from the lower- and middle-class by Con economic policies) revoked? Fat chance.
Why are there people who go out of their way to protect the interests of millionaires and billionaires? Because some people think they’ll actually be one of those millionaires one day, despite the overwhelming evidence that they’ll very likely never achieve that status.
