Housing Woes Hit Hamptons

Yes, everyone's pretty mad at Wall Street right about now over the whole wrecking the economy thing, but if they knew how badly the rich are suffering they just might change their minds. Case in point: the Hamptons is facing a mortgage crisis, with the number of homes going into foreclosure last week—16—nearly as high as the number of homes sold—21. Things have gotten so bad that billionaire hedge fund manager John Paulson recently reduced the price on his 6,500 square foot home from $19.5 million to $13.9 million. So the next time you're in a huff over something like AIG's bonuses, just think what it's like to be in poor Paulson's shoes.