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"Struggling Homeowners" Default and Go to Disney World

The

Wall Street Journal

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tells us about the New American Dream—

. My favorite part of this story: The two main characters are a teacher and a firefighter. Both walked out on $400K-plus mortgages; one owns other rental properties, the other hung on to his 6-series Beemer.

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Think of these two the next time someone starts blathering about how we need the government to subsidize developers so they can build "affordable housing" for "teachers, cops, and firefighters."

The moral indignation is on display in the comments section. Don't let it overshadow the macroeconomic result:

By the way, such "strategic defaults" (when people who can pay decide not to, just 'cause) encompass some 16 percent of all Maryland mortgage defaults. That's double the California rate, but only half the rate in (highly ethical, no-bubble-havin') Texas.

Recommended on Baltimore Sun

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