I've previously posted on my dislike of the notion that it's acceptable for homeowners who can afford to make their monthly payments but refuse to do so to walk away from their homes simply because they feel like it. They made a bad decision (or decisions if they took out home equity loans based on the assumption that the value of their homes would never fall) and should have to bear a major part of the total costs involved. Walking away from the obligation will increase the costs that I and others who are not in this situation have to pay the next time we try to buy a home. I want that externality captured in a significant way to make it less likely that it will happen.
