[JasonC]

The speculators aren't the ones who are mad. It isn't their money, what do they care? If prices go up, they win. If prices go down, the bank loses. Just hand them their collateral and walk away. The ones who own the downsides are the ones holding the mortgages, not the ones with razor thin equity. Every loan with collateral is an embedded "put" option, and bankers are writing them hand over fist.

[FreedomCalls]

If prices go down, the bank loses. Just hand them their collateral and walk away.

You're way out of date. That's the way it was before the new bankruptcy laws. but it's a new game in town now and that playbook won't work anymore.

New Bankruptcy Law Will Have Impact On Real Estate