On wealthy defaulters

I continue to be very interested in this question about who is defaulting, in the aftermath of fingerpointing at subprime lending. The Atlantic Monthly has a round-up of writing from around the web about the affluent defaulters. My favorite edgy quote:

Media Got It All Wrong Liberal blogger Duncan “Atrios” Black scoffs, “It’s a bit hard to comprehend that this housing/foreclosure crisis stuff has been going on for … years already. As is so often the case, the maintstream media got it completely wrong initially, painting it as a ‘subprime’ crisis due to bad behavior by unworthy brown people.” John Cole adds, “I can’t wait to hear how Republicans try to pin this … on black people and Fannie Mae and Barney Frank.”

link: Why the Rich Are Most Likely to Default on Mortgages | The Atlantic Wire

My colleague, Richard Green, has a commentary on the new round of evidence on who is defaulting as well. Take a look.

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