They do utilize tax and other business loopholes etc..

Ok, Chris, so rich executives use tax loopholes, violate the spirit of the law and "steal" from society.   That's better than abiding to the letter of a contract between two private parties? 

Executives deducts things such as corporate condos, beach houses, jet travel, hair cuts, jewelry, hotel suites, car for their wives, salaries for their children, etc… much of it not very business related.  They take family on seminars and conferences that amount to private holidays.  I've worked as an executive for many years and I've seen it all.  

How about setting up overseas companies to lower the net income of a US-based related company? 

There are things that are much worse than strickly fullfilling the terms of a contract with a mortgage company (which walking on a house is). 

I don't see the moral high-ground you are talking about here.