According to Carol Pogash in “Biggest Defaulters on Mortgages Are the Rich”
The rich and successful often come naturally to this sort of attitude, said Brent T. White, a law professor at the University of Arizona who has studied strategic defaults.
“They may be less susceptible to the shame and fear-mongering used by the government and the mortgage banking industry to keep underwater homeowners from acting in their financial best interest,” Mr. White said.
According to a commenter
Businesses do this all the time; they abandon investments that don’t turn out right. Major real estate firms do this with multi-billion dollar properties, and the mortgage companies know this. We are just seeing the same thing happening on a smaller scale. It is dishonest for the mortgage companies to insist people pay a ridiculous mortgage (that the banks willingly wrote), while acknowledging that large businesses do the same thing. Just like the homebuyers, they made a bad investment when they wrote those mortgages, and they have to suffer the consequences.