Your credit score (depending on state) is even used to determine how much your automobile insurance costs. Those with good credit who are home owners tend to be less risky drivers than those who rent/live with family, etc., and have crappy credit.
Your credit score is a factor for government jobs that require security clearance. When I was working as a Federal contractor, they ran mine annually. Significant changes in credit scores or other evidence of financial instability increases your security risk. You can lose your security clearance.
That said, I suspect that so many people will be foreclosed on that some type of credit "forgiveness" will be given. Right now, it would be 5 to 10 years before these people could even consider getting a home. But if a "forgiveness" was issued, then they could go out and buy another home, a car, etc...
Wouldn't that stink? As the rest of us bust our humps to keep the mortgage we promised to pay up to date, some hoser gets to walk away, cost me 30% of my home equity, and then be forgiven to allow them to buy another house?
That might be the last straw for me... If you see a really pissed of red-headed woman charging around the capital with a paint ball gun, plastering every government dipstick in sight, just nod your head and say, "yeah, we all saw that coming!"
angela