The irony is unbearable. If the banks adhered to the virtues they advocate I might not be siding with the homeowners here. I’m amazed by the amount of people who subscribe to the propaganda stating only “bad people” default. Nonetheless, it’s really an easy calculation when it comes to the homeowner who has a $500,000 loan on a home worth $200,000. Many are considering that if the bank won’t work with you, just stick it to the bank, strategically default and transfer the loss onto them. If they pursue a deficiency judgment, file chapter 7.
http://www.benzinga.com/10/06/311028/even-more-anecdotal-benefits-of-strategic-default
The economic situation is so polluted with politics.