re: Re It's "immoral" to strategically default on one's mortgage

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I think there are a lot of similarities between this and the home default. In both cases you're making a decision in your best interests, against the bank's best interests (they'd love to keep paying you the 1% CD), and you're 'breaking' a contract, albeit one with a clearly delineated penalty provision in favor of the bank. Yet they feel very different. I wouldn't blink twice at the idea of changing out CDs. I would be much more hesitant to walk away from a house, although I certainly would if circumstances demanded.

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You've hit the nail on the head. Mortgages come with several implied options "free" for the borrower. One of them is a prepayment option. Another is the option to default.