Homeowners who walk

Is there any moral justification for "underwater" homeowners to walk away from their mortgage obligation? For months we have been hearing of large numbers of homeowners whose home prices have plummeted choosing to default on their loans.

A Washington Post article mentions Brent White of the University of Arizona, who supports this "strategic defaulting." He describes these homeowners as in an emotional tailspin whose pride of ownership has been replaced with anger toward lenders, and the government for defaulting them. Ethically speaking, can we say that both sides are guilty of stealing in violation of the eighth commandment? Obviously, the owners who walk are stealing from their lenders by refusing to repay the loan.

On the other hand, have not some greedy lenders been stealing from the owners by putting unqualified buyers in homes they could not afford? Then they saddle them with escalating adjustable mortgages, thereby reaping huge profits. Is this not stealing as well?

What then is the moral conclusion? Both are stealing but is one more justified than the other? Perhaps both have lost their sense of responsibility toward the other. Honesty is such a valued virtue in business without which we have the collapse of commerce.

What do you think? Let me know.