I suspect that -if the high end of the residential mortgage market is starting to default at high levels- then a number of generally law-abiding citizens have started voting with their cheque-books. So it would be interesting to know how much equity these folks have in their homes.
It is one thing to default on a 100% Heloc/Mortgaged property and eventually hand the keys in, but it is quite another to lose a couple of hundred thousand dollars that you personally had tied up in the bricks and mortar, on a re-possession order.

We might start to see a new (old) form of democracy appearing. The one where, if you don't like how much your government and its friends are taking from you, you stop paying your taxes, credit cards, and bills.