As I understand it. most of these borrowers are on fixed rate mortgages at very low interest rates. Furthermore, with the strong labor market their wages are l

As I understand it. most of these borrowers are on fixed rate mortgages at very low interest rates. Furthermore, with the strong labor market their wages are likely going up in nominal terms, and furthermore their chances of losing their job and not being able to find another one are also low. Being underwater on a loan is never fun but these borrowers are in about as good a position as you could possibly be in while underwater.