i think most accept that buying any property is a gamble and if you lose through market forces, as you say, tough luck, but to say ‘tough luck’ to those who borrowed to rent for a holiday home/retirement, but have been a victim of lies, fraud, dishonesty etc even up to lawyer level, is i think blaming the wrong people. Let’s recognise the low-life sharks for what they are, and give them the justice they deserve. Hopefully in the long term everyone will benefit from that move, even what’s left of poor old Spains lovely coast line, if they move fast on the bad guys!
I disagree with what you wrote.
1) most of the people are sheeple and they buy to speculate and make easy money by selling to the bigger fool. They might now acknowledge that but this is what they actually do.
2) one cannot blame the lender for offering money. The lenders and realtors are sharks but anybody with a medium degree of intelligence would know that. The lenders are in for business not to take care of uninformed and not so bright buyers.
This will a good lesson for anybody who wants to make easy money with things that he/she does not understand at all.