Not many people would be able to pull out of that situation intact. That you did is a credit. I bet you had few if any loans except for the house.
Trying to lump these people with the new crop of speculators with creative loan packages is more than a little stupid. Totally different issue. Scammers are always out there ready to pounce on the desparate.
You would lose that bet. My wife and I both had college loans, we had recently purchased a used SUV that came with a $400/month payment, credit cards, our first child on the way, etc. It can happen to anyone.