"...getting killed on their mortgage"
Not true. People who borrowed within the reasonable limits that have been advised for homeowners for many years, are doing just fine.
Most people who are in trouble are those who either were trying to game the system somehow, or bought way above their income level.
I suspect this is true more of investment types than those who were buying homes just to live in, but I have no evidence either way.
A correction is under way. If the government overprotects those who were playing fast and loose (including the bankers) it's just going to happen again.