Strategic defaulters plan ahead

WASHINGTON – April 27, 2011 – People who default on mortgages they can afford to pay are savvy about credit and tend to have better credit histories than other defaulters, new research shows.

FICO, the firm that created the widely used FICO credit score, studied credit bureau data to develop what it says is a more accurate portrait of strategic defaulters. FICO defines them as people who are underwater on their mortgage – owing more than their home is worth – and more than 90 days delinquent on payments but current on other credit lines.

Compared with other mortgage defaulters, strategic defaulters generally

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