The following is a link to a Yahoo News story reporting on the phenomenon of homeowners who purposely default on their home mortgages through a "strategic default". To read the Yahoo News story, please click on the link below:
Read the complete article at the link below: http://finance.yahoo.com/news/Strategic-Defaults-and-the-usnews-2190373684.html/print?x=0
Strategic defaults are explained in great detail in University of Arizona Law Professor Alan T. White's paper, which can be accessed by downloading here:
http://ssrn.com/abstract=1494467