Bloomberg/ BusinessWeek’s Alexis Leondis reports that banks are handing out mortgages of as much as $10 million to the wealthy in record numbers while first-time home buyers struggle to get loans.
A Wave of Seven-Figure Mortgage Loans
Paul Taggart
A Corcoran Group Inc. for sale sign hangs in the yard of a home in East Hampton, New York, U.S. on Wednesday, July 20, 2011. Home prices in New York's Hamptons, the Long Island resort towns favored by summering Manhattanites, increased 4.2 percent in the second quarter from a year earlier as buyers opted for more expensive beach properties. Photographer: Paul Taggart/Bloomberg
