Here is more discussion on the issue of “just walking away”.
Rebekah thinks that the “walker” is just passing the burden off on her, and others. http://realestatebyrebekah.wordpress.com/2010/02/04/theres-no-equity-so-i-think-ill-just-stop-making-payments/
Sherwin Sucaldito examines the issue logically.
Forbes, on the other hand, examines the issue from a financial point of view.
My personal experience was that the most powerful people I have known, while amassing large debts, managed to pay them off completely, no matter how unjust they might have been. We create through our word and our intentions. Even if the debt is a ‘bad deal’, honoring it gives us power beyond measure. Likewise, not honoring it produces weakness, and government dependency.