A home mortgage is under water when the amount of money, Macroeconomics

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A home mortgage is under water when the amount of money

Question: A home mortgage is "under water" when the amount of money owed on it is much greater than (say, twice) the market value of the home. Discuss the economic and ethical issues of walking away from (i.e., defaulting on) an underwater loan. Assume you have $10,000 equity in the home and your monthly payments are $938.

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Macroeconomics: A home mortgage is under water when the amount of money

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Macroeconomics: A home mortgage is under water when the amount of money

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