Foreclosures and Strategic Defaults
How different are the rich from the rest of us? Lots... at least lots more of them are likely to walk away from their homes than average people who are upside down in their mortgages. So why is that? And is it the rich who are making the right decision or is it better for everyone to stick with their mortgages. We talk with some of the experts who crunched the numbers on who exactly is walking away from their homes as well as some people who are dealing with strategic defaults on a daily basis.
Brent White, Prof of Law, U of AZ Law School
Michael Joe, Atty, Legal Aid Center of Southern Nevada
Sam Khater, Sr Economist, Corelogic
Rich Sharga, VP Marketing, RealtyTrac
Richard Plaster, President, Signature Homes