It’s never a good idea to cheer the misfortune of others.
The only thing I am cheering is the return of some sanity in lending practices.
It depends on motivation and circumstances.
A greed-motivated speculator who submitted fraudulent applications and "owning" 12 houses and 7 condos ==> Highly amusing
A young couple with three small children who got swept up in the nonsense and didn't have the benefit of experience ==> Not amusing at all