From the LA Times, at http://www.latimes.com/classified/realestate/news/la-fi-harney20-2009sep20,0,2560658.story :
” A study shows that people who abruptly and intentionally abandon their mortgages often have high credit scores, in stark contrast with most financially distressed borrowers.”
“Research using a massive sample of 24 million individual credit files has found that homeowners with high scores when they apply for a loan are 50% more likely to “strategically default” — abruptly and intentionally pull the plug and abandon the mortgage — compared with lower-scoring borrowers.”
I’m wondering if this surprises anyone?
Or is this just a study to find the obvious.
Foreclosures appear to have a busy future.
