Default by Homeowners

According to Zillow.com, 22 percent of all US homeowners are in negative equity positions in their homes. It has been estimated that a quarter of defaults on home mortgages are the result of a decision by the homeowner to remedy that situation by bailing out, even though they have the money to pay the mortgage. The ramifications can be serious, especially the impact upon credit scores but some clearly think that the move is worth it. After all, there is nothing illegal about default.

What do you think?