So let me make sure I understand this. It's morally okay for a home owner to "walk away" from a mortgage they can afford to pay simply because the home is now worth considerably less than its value at the time of purchase? That's just a smart business decision and nothing more?
Whatever happened to the concept of "a deal's a deal?" You're saying your word and your commitment is only as good as the day-to-day economic viability of the deal? So if you sell me your vintage '60's muscle car on time and six months later the bottom falls out of the vintage car market, making my purchase a bad investment, you have no problem with me just bringing it back to you and no longer making the payments? Why, that's mighty nice of you. In fact, if you don't mind, I'm going to drive it for a few months for free while you go through the legal process of repossession, since you're in such a charitable mood.
Let's take this a step or two further because I really want to understand what's motivating your thoughts. If five years after your purchase the value of the home has doubled, are you going to insist that the bank redo the mortgage and you'll gladly pay it? No? But the bank should renegotiate the mortgage if the value drops?
So can I fairly assume that since practically every home in this country is worth less now than it was two years ago, you have no problem with all of us walking away leaving the bank high and dry? One last consideration: What are you going to tell your neighbors when your local credit union, the one holding your life's savings and theirs, goes under when we all renig on the mortages they hold?