I think this dispute is a sign of what is to come in relations between workers and owners in the future.
I am working on a self-help (for me) paper with the working title of: "Inter-class Issues In the Post-Peak Oil world"
Here are some of my thoughts so far on one aspect of the process of controlling the working class.
The labour of this class is essential to the prosperity of the ruling elite. Without value added labour capital cannot be applied or expanded. This fact makes this class both indispensable and something to be feared and controlled. Traditionally much effort has been put into suppressing the working class on one hand and on the other, exploring ways to diminish, if not eliminate, their importance to the rich. It is not surprising that much effort has been made to eliminate working class consciousness and isolate individuals within the working class. In industrial societies the importance of the working class has been reduced by the existence of “energy slaves”, that is the ability of fossil fuel to do the work equivalent to many thousands of humans. With wealth and growth based upon cheap oil it has been possible to replace the old tools of violent repression, which themselves solidified working class cohesion, with monetary measures that weaken this solidarity. Ironically personal debt proffered to individuals has been used to buy off the debtors without using (in fact enhancing) the existing wealth of the elite. This system has been very effective in the industrialized world since the middle of the 20th century as exemplified by the systemic weakening of the labour movement. However as the 21st century unfolds with the loss of cheap resources, especially energy, this is approach is becoming harder to support and it is likely that violent repression will once again be the norm.

Agreed. Personally, I believe that real estate boom was artificially created KNOWING that we are going into oil decline. I don't think the elite is very well aware of peak oil and its probable consequences.

As real estate deflates with time, borrowers will have a sour choice: repay with interest for property, whose value is falling, or forget about prior payments and send jingle mail.

OTOH, if working class were naive enough to buy McMansions for million dollars and more, they deserve to get punished. I have no sympathy towards those, who enrich the elite through their absolute consumerism. Now that I read TOD I know that people just can't make rational decisions (thanks Nate, though I noticed it before, haha).