There are MORE HOMEOWNERS who ARE NOT underwater than are underwater. The continual laserlike focus on those who are underwater while not publicizing the plight of those who could lose significant amounts of built up home equity, is a divide and conquer technique that many bloggers appear to have fallen for.
Losing one's job can freeze a homeowners line of equity that may have taken years to create via an initial down payment and years of making monthly payments.
Losing one's job, or perhaps not being employable because one is caretaking for a family member (as 70 MILLION americans presently do) can lead to the loss of WEALTH through foreclosure.
The continual overfocus by the media and bloggers on homeowners who are upside on their home mortgage while virtually NO PUBLICITY is given to those who are actually being robbed of their own earned wealth serves the banking interests.
Not discussing the loss of actual wealth for homeowners who are out of work or are taking care of another family member actually weakens the position of those underwater by dividing and conquering the various homeowner situations that presently exist.