The Wealthy are so ‘Ghetto’…Now They Live there Too

So many things we are seeing turned upside down in the stratosphere is exemplary of biblical references.  The lamb will be able to lie down beside the lion, the ocean will die, and the wealthy of the world will become its poor.  The last one is the scariest.  No one more ruthless than the rich man made poor.  He will stop at nothing to keep what he had (look at Dan Gilbert and the letter he wrote to the fans).  Yes, a lot of the wealthy got that way because they were willing to do whatever it takes to gain their fortune.  But now these fortunes are drying up and mansions are left all over the place like a trail of children’s toys littering the house.

The New York Times and MSNBC have issued a report showing that the wealthy are leaving their homes at an alarming rate; much more than the “common” man.  We are still paying our bills and writing checks to pay the mortgage every month.  But not the downtrodden wealthy.  No sir!  One in seven of them as opposed to one in 12 of us are losing their homes to foreclosure.  But this is not to say the rich don’t deserve love too.  But, it’s kind of hard to muster the energy when you’re talking millionaires not paying bills and here you are struggling paycheck to paycheck (if you’re getting one) or unemployment check to unemployment check to keep the lights on, much less the mortgage paid.

The banks are not finding the love for the wealthy either because a lot of these homes are investment properties and if you can afford to buy a million plus dollar home for an investment, wellllll, in this recession, no one’s going to feel any compassion for you.  And that’s hard because the rich are people too. Some of them are not millionaires and they are just living the American dream of living beyond their means and now the bank is taking a hit.  But, banks don’t forget your part in this.  You gave these loans to those six-figure earners and told them to GO FOR IT!  Push the envelope!  And they did.  Just as those who you gave the predatory loans in the low income community who suffered jumps in interest rates and/or other conditions in their loan changed making it an unaffordable venture.  One luxury home realtor reported in the story that out of 11 properties he sold in June four of them are under distress.

Hey! It looks like the banks are the real culprit here.  People…circle your wagons!  The banks STILL have some ‘splainin’ to do.  Read all about it here.

-J.C. Brooks

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