“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.”
Well well well, how is this possible?
The “RICH” are getting foreclosed. Rich, foreclosed? Rich? Doesn’t that statement sound odd to you? If there are riches, why are there foreclosures?
This is how it is, there is debt and illusion of wealth, period.
I may have a big house, fine car or two and a set of exotic metal golf clubs but someone else bought these things for me… the bank.
I hope you look at me and say, “Wow, that man is accomplished and polished, he carry’s himself with dignity and he has reached success! Look at his possessions, look what he has provided for himself, I wanna look like that!”
The fact is, I am just an instant gratification asshole and want to appear to have everything that the world envies without actually being able to provide these things for myself.
The people that print money know this about me and we played each other. The problem is they own the money and “my” stuff. They gave it to me because I asked, and I decided to give them control.
Now look at me, not only am I “rich”, but I am just as “smart” as I led you to believe I was.
True Story: I live in Central Florida and a man from Ohio moved into my building and we struck up a conversation about our paths in life. I explained that I was an artist and that satire was where my heart was at the moment and he explained that he was with an investment banking company and was sent to study why there where so many high end homes in delinquency and not being foreclosed on. I thought for a brief second and asked him if he was serious. He said straight faced that he was and I started laughing. My new friend looked surprised and questioned my laughter at such a serious matter, I replied, “It’s not just the high end homes, it’s all homes and the reason they are not being foreclosed in the normal fashion, in my opinion, was because if you displace that many people nationwide, you will have civil unrest in the country. He looked at me with contempt and called me a Marxist (????) and that was the end of the conversation. He moved out three months later. That was mid 2008.
We have come a long way baby!