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strategic default
A strategic default is the decision by a borrower to stop making payments (i.e., to default) on a debt, despite having the financial ability to make the payments.
This is particularly associated with residential and commercial mortgages, in which case it usually occurs after a substantial drop in the house's price such that the debt owed is (considerably) greater than the value of the property — the property has negative equity or is ''underwater'' —(jargon) and is expected to remain so for the foreseeable future, such as following the bursting of a real estate bubble. Such borrowers are called ''walkaways''. The process of strategically defaulting on a home mortgage has been colloquially called "jingle mail" — metaphorically, one mails the keys to the bank.
== Prevalence post-housing bubble ==
Economists Paul Krugman and Hal Varian argued that strategic default would be an inevitable result of the collapse of the finance and property bubble of the era following 2006. They also noted that this is one of the few ways of freeing people from the burden of mortgage debt. Once free of the mortgage, debtors are free to use their income for other expenditures.
A study in September 2009 from the credit reporting agency Experian and consulting outfit Oliver Wyman estimated that close to a fifth of troubled mortgages in the U.S. involved borrowers who were strategically defaulting.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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