Indebted = Rich?

Hah! This is precisely the kind of headline I would expect for this story from those indefatigable class-war mongers?

Of course it's inaccurate. Just because the default rate on jumbo ($1 million plus) mortgages is now greater (at 14%) than that of other, lower mortgages....that doesn't necessarily mean it's *rich * people who aren't paying the mortgage.

For example, consider my landlord. That scumbag deadbeat had, and defaulted on, mortgages on three homes in my old neighborhood: $1 million, $1.2 million (on my house), and a $1.8 million note.

Of course he also had several hundred thousand in credit card debt and sundry other liabilities. Recall his bankruptcy filing where he declared only owning a $400 watch and having $10 *cash on hand*.

But according to the agitating New York Times....he must be counted among the reviled *rich* - three times to boot!

Attention NYT - Genuinely rich people don't have mortgages!