In MVC3 I have this code at my controller. It retrieves a List of IDs\\Names from Installation table and creates a ViewBag
var vs = dba.Installation.OrderBy(
There's an overload for the SelectList constructor that takes 4 arguments. The last of which is the default selected object. E.g:
SelectList
ViewBag.Vessels = new SelectList(vs, "InstId", "InstName", selectedValue);
Where selectedValue is an object of whatever type is in your list.
selectedValue