Homeowners are starting to act like banks and "strategic default" aka "walking away" from a mortgage is becoming more frequent.
The phenomenon picked up steam last November when Arizona Professor Brent White published a paper whose conclusion was that homeowners should be walking away in droves.
In the past week, the issue hit the mainstream big time. An article in the New York Times exhorted underwater mortgage holders: Go Ahead! Walk Away From Your Mortgage!
The Business Insider weighed in with Yes, It's Ok to Walk Away From Your Mortgage and gave a step-by-step guide to Walking Away From A Mortgage.
And then there's the Colbert Report, looking at "Honor Bound."
|The Colbert Report||Mon - Thurs 11:30pm / 10:30c|
|The Word - Honor Bound|