some cases are like this, some are not

lot of people got money and walked away. For example, people bought a house at $400k with 0 down and they REFIed the house at $480k (or even higher) when house was worth $600k. When house value dropped to below $300k, they just walked away with some cash after serveral months they have stopped to make payments. They have money to make payments, but they just do not think it's worth to make payment anymore.