Biggest Defaulters
What a strange and strong coincidence in defaults among the rich borrowers and debtors across the globe! According to Sam Khater,the senior economist of CoreLogic (the real estate analytics firm), "The rich are different: they are more ruthless". It is said that the priviledged enclaves like the one in Silican Valley(more than one in seven home-owners with loans in excess of a million dollars) have started behaving worse than the working class and stopped paying the mortgage at a rate that greatly exceeds the rest of the population(one in twelve mortgages below the million dollar mark) in USA.
It strikes very similar to Indian situation wherein the actual major defaulters of loans and advances from almost all the commercial banks and financial institutions are none other than our privileged sections namely the rich and influential individuals and industialists in the country. This fact has been revealed more than once in several studies conducted by government agencies and others.
What a Stunning Similarity Among Rich Across Continents??
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