Rich Are Biggest Mortgage Defaulters By Far: NYT Study

07/08/2010 10:14 pm ET | Updated May 25, 2011

LOS ALTOS, Calif. -- No need for tears, but the well-off are losing their master suites and saying goodbye to their wine cellars.

The housing bust that began among the working class in remote subdivisions and quickly progressed to the suburban middle class is striking the upper class in privileged enclaves like this one in Silicon Valley.

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