There were people on the radio encouraging homeowners to default, claiming that their credit ratings would only take a hit for a few short years even with a foreclosure on their records.
You can live on cash.
Easier to live within your means.
That is exactly what people who did it told me, and I have to say if it is still affecting their credit there are few outward signs. Personally, I still feel like it reflects poorly on them that they took advantage of the system.