These volatile economic times times [will Dubai default on debt?] call for radical messages. So, no surprise, University of Arizona law professor Brent T. White advises the 15 million American homeowners with underwater mortgages to walk away from them. White explains how that might not necessarily deep-six a credit rating and, anyway, those doing the stiffing can do it strategically, that is, make major purchases [including another house] before walking.
LA TIMES reporter Kenneth R. Harney covers this provocative advice, from all angles. For example, Harney quotes Fannie Mae's Brian Faith who opines, "Borrowers who walk away from their mortgage obligations face serious consequences including severely depressed credit scores for extended periods." White counters that. He states that if walkers keep up with their others debts, they can have a decent credit rating within two years.
White lays out his thesis in a 52-page white paper "Underwater and Not Walking Away: Shame, Fear and Social Management of the Housing Crisis." Here is a copy of that.
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