Mark when you say horrible mortgage what do you mean? Do you have a rate adjustment coming? Do you owe more that your home is worth? These are very common today. As an econ major I am sure you know that markets go up and down. You can not buy a home and expect to sell in a short time in a declining market and not expect to pay on the way out. You may find work else where but I can say this their markets are doing the same. This is a global problem and if everyone continues on the path you are suggesting we will Never see the light nor will our children.
As for the ramifications? It is hard to say what will happen because each bank reports these things different. It also depends on how and when you leave. To correct Deep River MI has a 6 month redemption and if you abandon the home they can take it back much quicker. Read the info below for more detail on the process.
Mark contact your mortgage company and see if they can assist you. Be honest with them and tell them what you are planning on doing. But Why ruin your credit. Look for another job and stick it out. MI will come back around. It sure did after the early 80's.