I think the people that I am arguing with about "strategic mortgage default" are probably closer to my position than they think they are. Just to clarify a few things:
1. I do not want any change in the laws surrounding default; I think mortgage default is a necessary safety valve for the financially troubled.
2. The people I am talking about are people who can afford their mortgages, but would rather have taken out an exotic option to buy the house if it happened to go up in price, than the mortgage contract and promissory note that they actually signed.