Foreclosures Hit Rich and Famous – WSJ.com.

So I thought to follow up with my earlier post today about Luxury Yachts, You all would enjoy to know even the Rich and Famous are suffering through this down Turn.

Apparently they can no longer afford the 20,000 sq. ft. mansions they call their 3rd homes! The one thing the article does not point out, is most of these guys get foreclosed on and because it was a portfolio type of a loan or whatever, it usually doesn’t even hit their credit. Which obviously wouldn’t matter, because most of the time, just because they are getting foreclosed on doesn’t mean they don’t have any cash. So as this article may portray they are hurting as the common person in society today, the rich and famous are not going to get any sympathy from this reader..:)

There are going to be some millionaires made in this recession, some of the properties are going to be sold for a steal. And when the market comes back, oh and you know it will because we are Americans and we have a very short term memory, they will sell for a bundle.. Enjoy..