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In Nevada, 23 percent who lost homes to foreclosure could afford payments. In other word, strategic defaulting.
Some websites are dedicated to encouraging people to walk away from their homes.

The Las Vegas Sun and its sister publication, In Business Las Vegas, has written on the subject, and one prominent home builder, Richard Plaster, president of Signature Homes, has encouraged people to do a strategic default to spare their finances.
“It is about how they’re perceived by their peers,” Searby said. “One man in a focus group said growing up this would have been an act of shame. It’s not seen as something that brings shame on him now. There’s a subculture arising who don’t believe walking away from a mortgage is necessarily bad. This has become a financial decision for most of the families first and foremost.”

And why not? "Your home is an investment," and corporations and rich people walk away from bad investments all the time, so why not the rest of us? And since there are no rules any more, and it's everyone for themselves, what's wrong with that?

NOTE Of course, such an attitude is completely corrosive to a functioning society, let alone a free market (which depends on contracts, after all). Now, the Rust-O-Leum for this corrosion ought to be the criminal justice system: Bankster CEOs in orange jumpsuits doing the perp walk for fraud would do wonders for "confidence." Unfortunately, that's not likely to happen with either legacy party, which is why they deserve to be destroyed. Via Yves.