Its not about what you think which is obviously because of the following:

It’s a “slap in the face” to those “pre-bubble” homeowners who kept their heads down and elected not to join the party.

Pretty certain this describes you. You are selling your book here. You have to ask yourself what part you played in buying where you did. Have you never thought of your home as your retirement nest egg and counted on some level of appreciation?

There are no one size fits all descriptions of how people got themselves into their messes. Its a mess out there and there is no one size fits all solution either. It takes lots of things.

Sorry you got caught up in an area that got hit among the hardest but thats all in the past now. Simply taking punitive actions is not the solution. We can only go forward in cleaning up this mess to the best of our abilities.