An underwater mortgage -- or owing more than a house is worth -- is still a debt obligation. If too many people walk away and default, even if they can make payments, America will face a moral crisis.
Tishman sends its $5.3 billion investment in 11,000 apartments back to its bankers. The move involves two massive developments in Manhattan: Stuyvesant Town and Peter Cooper Village.
One example: Some corporations are being urged to skip their annual holiday party and donate the money to help the hungry instead.
Markets there produce healthy returns, but some analysts expect a correction.