Back in the early 80’s, I got stuck with a very high interest home loan. Of course the house I had bought was not at a hyperinflated cost. The interest, while high, was tax deductable. I also remember netting over 10% interest on some longterm zero coupon bonds I had bought. I was able to refi some years later to a much lower interest rate.
The big difference I see today, is the shear numbers of people who are unbelievably upside down on their homes. I see far too many homes that are probabaly not going to go back up value to equal their mortgages any time soon.
I guess you forgot about the balloon mortgages...Many lost their homes with these mortgage products...couldn’t refinance when the balloon payment came due.