But I think most Americans are wrong. I was taught to never welch on my debts and I know my father, had he taken out a mortgage (he never did) would have paid it off regardless of the value of his house compared to his debt, but that was then, this is now.
I think Tim Cavanaugh, whom I link to above, has the right take on this:
The question shouldn’t be whether strategic default is acceptable but whether 300 million innocent people should be made to pay nearly a trillion dollars to keep bad borrowers and stupid bankers from enduring the consequences of their own decision. And based on the evidence visible in polls, election results and street theater since 2008, most Americans find that unacceptable. But maybe that just makes them devoted libertarians who are so disengaged from political reality that they don’t want a hunky strongman president to save the economy from a total financial meltdown.
Clear these houses out, reset the board, and let’s move on.