Attention Underwriters

According to Deutsche Bank, 20 million homeowners might be underwater by 2012. Turns out of those 20 million, those with the most expensive homes are actually more likely to walk away from their mortgages than those with more modest homes. The New York Times cites CoreLogic data showing that while the seriously delinquent rate for homeowners with loans of less than a million dollars is one in twelve, the rate for homeowners with loans in excess of a million dollars is one in seven.