To be fair, the Times also included a celebrity in its story—the rapper Chamillionaire, who recently walked away from a $2 million house in Houston.

“I just decided to let it go, give it back to the bank,” he told the celebrity gossip TV show “TMZ.” “I just didn’t feel like it was a good investment.”

I’m not going to argue with his investment smarts. He’s Chamillionaire, after all.

But when it comes to strategic defaults, the Times (and everybody else) should do some more reporting, or at least stop guessing.

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Holly Yeager is CJR's Peterson Fellow, covering fiscal and economic policy. She is based in Washington and reachable at holly.yeager@gmail.com.