Million-dollar U.S. housing loans surge to record level

[Banjo]

Banks are handing out mortgages of as much as $10 million to the wealthy in record numbers

http://finance.yahoo.com/news/million-dollar-u-housing-loans-040001609.html?l=1

 

[JamesL]

I thought they were all using cash - at least that's what the talking heads keep saying

 

[Banjo]

Foreigners use cash, they're parking it in hard assets offshore of their respective native countries. U S citizens use mortgages, future asset appreciation, tax planning and use of capital vs. tying it up come into play.