Brent T. White is an associate professor of law at the University of Arizona (a state decimated by foreclosures and plummeting property values). He's written a paper titled "Underwater and Not Walking Away: Shame, Fear, and the Social Management of the Housing Crisis."
White's idea and paper have been in the press earlier this year, but it got attention again in the past week with the most current mortgage delinquency numbers: 14.4% of all residential mortgages are delinquent were or in the foreclosure process during Q309, according to the Mortgage Bankers Association.
White's paper is here.
The post from the WSJ Developments blog is here.
A NYT article about three 20-somethings with little $ who bought a $1M property with an FHA loan, here. (Not that they'll walk away....)