I agree that it is a business decision. In earlier life, I might have thought of "obligations" and "keep a good name", but then I got an MBA which teaches a different view. The bank and mortgage buyers should have known the risks they were taking on. They were certainly happy to profit in good times. If you can now walk away with no negative effects other than a temporary bad credit rating, seems smart to do so. Don't let the mortgage servicer make you feel guilty. It is all about incentives and controls. The bank is the one who gambled on the future value of the house, not you.
