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Strategic defaults: Why older Americans walk away from mortgages

Written by: Dana Salvo

When Ken Carpenter bought his two-bedroom Florida condominium in 2004, the investment looked like a no-brainer.

The 68-year-old retired General Motors quality engineer, who lives in Michigan, paid a little under $200,000 for the West Palm Beach apartment in a complex with a swimming pool, tennis courts and fitness facilities. His adult daughter, who lived there and had been renting, would move into the unit and pay rent. The apartment would also serve as a vacation property for Carpenter and his wife.

August 16, 2010 @ 9:54 pm Trackback URL Posted in Industry News and tagged with , Arizona law professor Brent T. White, fannie mae, federal tax credit, forclosures, general motors, housing markets, ken carpenter, real estate recovery, strategic mortgage defaults.

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