The people who are getting screwed are the ones who bought sensible mortgages, who didn't borrow to the hilt off it to buy cars and TVs, and didn't use lenders who would loan to anyone with a pulse (since they could turn around and resell it to organizations backed by the Full Faith and Credit of the United States Government.) The ones getting screwed are the ones who borrowed money to have a house to live in, not to make a bundle on flipping houses. The ones who weren't stupid enough to get mortages with negative amortization or balloon payments in the first place.

They're the ones who are going to be paying through the nose while the government continues to bail out the others. Or haven't you noticed that it's the screwups getting all the goodies? On the top end of the income scale, too.

Pretending that the laws of economics can be wished away by magic and legislation is how we got here in the first place.