Later The Daily Show aired a beautiful takedown of the MBA for strategically defaulting while lecturing struggling homeowners on the evils of strategically defaulting on their homes—even though many of them were hosed by the MBA’s own members.

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Mortgage Bankers Association Strategic Default
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Do these mortgage bankers know what they’re doing or what?

Meantime, read this good Huffington Post report on homeowners who’ve chosen to walk away from their mortgages.

Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu.