I read that just now. I agree with them. I think conscience is what stymies people sometimes because society has beaten into them a certain behavior. It took a painful year for me to go through foreclosure...but after reading that...I have a clearer understanding of what the contract aspect means. I am not saying everyone should foreclose just weigh the options from a more pragmatic view.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1597835
Frankly, I'm torn about whether or not I would do the same in a similar situation. I hope I never find out.