Another Recession Myth Debunked

All those poor black people who didn't read the fine print on their balloon mortgages and ARMs are screwing everyone! IEEEEE!

Or maybe not.

Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population.

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.

Why does reality hate rich people?