Donald Trump leaves his creditors sitting on worthless paper twice and he is idolized.
Someone $200K underwater leaves his creditor sitting on worthless paper and he is demonized.
The contract was signed between two parties that specified the consequences of a default. These individuals are willing to accept those consequences - so what is the problem?
If I was in the same situation I would do the same particularly considering the behavior of banks (ie B.S. credit card fees, holding your payments to make sure you get hit with penalties and interest etc, out right lying to you). Not to mention taking all the Treasury and Fed money to cover up their gambling.
I have accounts in 3 banks and almost every other month Citibank hits me with a monthly service charge in error.
I call them and they immediately remove it and apologize, but I have to think they do it on purpose figuring they can steal millions from people who don’t notice or think they should be paying the fee when in fact they had an average balance which exempts them.