I expounded on my thoughts more over on my blog but I would point out.. as far as I can tell we haven’t had much study as to what the economically rational thing to do is because the cultural bias is “Of course you have to stay and pay for your obligation”. While there are some negatives to walking away there are also some benefits and out what point do the benefits outweigh the negatives. That model hasn’t been made.

Access to credit may matter much less if you have strengthened yourself significantly by walking away or short selling an underwater home. I don’t think many individuals have put much thought as it’s a complex problem.. I think the “solution” is either status quo or thrust upon them by the particulars of their current situation.