Banks Starting to Worry About "Jingle Mail"

Jingle Mail for those of you who don't know is what banks get when mortgage holders send the keys back.

Calculated Risk has an interesting post on the subject. Basically, there are a lot of people who are underwater on their mortgages because of home price drops, and even though they can still pay, renting is cheaper, and people might start to walk away from their homes and mortgages.

The folks at CR are estimating that , "somewhere between 10 million and 20 million U.S. homeowners will owe more on their homes, than their homes are worth.".

I think that the number will be greater, BTW.