I see from my comments that at least a few people are confused about what I am advocating in the case of people who walk away from mortgages they can afford. Here's what I want to happen to them: nothing. Or rather, nothing more than what already happens to them, which is that their credit score is trashed and they have seven years to richly regret their decision while living in rental housing. I'm not arguing for any change in the laws. I'm just arguing that they're jerks. And I'm arguing that they're jerks precisely because I don't want any change in the laws that makes it harder to default on your mortgage.