Caesar - no doubt, you are right. However, unless you are forced out, you will not get out, voluntarily.
As for playing ‘God’, you know just as well as I do the nature of the Banking system, and how things work on that level.
With respect to the property market, the government is effectively God (my apologies in advance the more religious contributors).
As for enforcement, perhaps I know a little more, and hence my pessimism, but I trust you have access to better and more up to date information.
As Billcall55 says, it is likely premature to be getting into these subtleties, but best to bear them in mind so as not to be too definitive in your (the IMHO organisation’s) outlook.
No questions, I fully agree with Rawkspider and IMHO - the law of contract ought to be fully adhered to. But it is not. It is the specific policy (of [successive] Governments and Banks) not to enforce the mortgage / commercial loan contracts which have the property market in such uncertainty. Rather than being too definitive in your analysis, it is best to leave yourself some leeway, to make allowances for the hard-luck story of someone outside of the Dublin market, where the value of the home has plummeted, and where renting carries all of the disadvantages which many of us are more than well aware.
Many are likely to enter bankruptcy, if and when this becomes a possibility. Things are not always clear-cut.
As above, you are each correct (i.e. people only respect what they pay for, and no one should get a free ride - especially when that free ride is being paid for by (other) taxpayers). However, what you appear to fail to grasp is that your message must be the correct message, not just the right message.