The mortgage crisis isn’t just about homeowners with underwater subprime mortgages on unsellable houses. Folks with million-dollar homes are also finding it difficult to get out from under their hefty mortgages, and are defaulting at rates that are double those for homeowners with mortgages under $250,000. The difference? They’re often willing to sell at a loss, and their lenders are willing to let them do so, instead of foreclosing and destroying their credit ratings. [More]
