>>and the only people smiling are the brokers who made the commissions selling people the nonsense, and the fraude folks who knowingly took advantage of the exuberance.<<
...and the borrower still living in the house for free while it all unravels.
Well I doubt they are smiling, foreclosures in most states is an ugly drawn out process to begin with. Some have rapid, but most don’t.
Fiduciary responsibility cuts both ways, lending money to someone who has no prayer of being able to pay it back is just as immoral as borrowing money you can’t possibly pay back.
Bankers like to portray the latter as scum, and their own actions they like ignored. But they are absolutely no less culpable, and engaged in no less immorality than the borrower.
I have no pity for them having to now eat their own dog food.