The New York Times and other major news organization are being fed stories by the mortgage industry that try to link homeowners who walk away as from their underwater mortgage as immoral individuals.
However, a mortgage is a business contract. There isn’t a corporation in the United States that wouldn’t walk away from a contract they felt wasn’t in their best interest. Why should we hold mortgage holders to a higher standard?
There is a inherent emotional tie to a homeowner and their home. But at the end of the day, it’s a business contract. If the bank is unwilling to negotiate better rates with the mortgage holder, walking away from a bad contract is not immoral – it’s just business.