It is here:
http://calculatedrisk.blogspot.com/2007/12/bofa-attitudes-changing-towards-default.html
The gist is that prime borrowers are more ruthless about default compared with the past. I am not so sure. The distribution of borrowers is very different from the past, because many households who previously would never gotten close to a mortgage were able to obtain one within the past five years.
The default rate on prime mortgages remains quite low. I am not sure that we have any evidence that prime borrower attitudes have changed. We will need to wait and see.
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whether to stay in a home or just walk away should be a business decision. If the property value is collapsing, it is better to cut one's losses and start over just like any other business or banking institution would do.
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