Rich Use Home as ATM Too

Updated

According to a page one story in today's Wall Street Journal, the wealthy can be just as bad about diluting their home equity as your average Joe, if not slightly worse.

Ronald Burkle, a grocery store billionaire and Bill Clinton supporter, has apparently borrowed $56 million against his two homes, including $9 million in the past year, according to the Journal.

The craziest part of the scenario may be the rate Mr. Burkle pays on this super-jumbo loan -- a reported 3.25 percent, less than most people can get on a traditional 30-year.

Pretty sure you or I can't get that rate just by walking into the local bank branch.

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