Facing up to strategic defaults

With foreclosures nationwide up about 35 percent over a year ago, industry experts are trying to stymy the flow of mortgage holders who are walking away from their debt obligations. In this video, John Courson, president and CEO of the Mortgage Bankers Association, told the “Today” show that there are numerous risks involved in strategic defaults, particularly to the broader economy. “The consequences can be dire,” Courson said.