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Make sure you only take out a mortgage if you’re sure you can pay it back
This is a difficult situation. Government officials, bankers, real estate agents and others where ‘cheer leaders’ for what is now called the ‘real estate bubble’ and yet, people who actually risked something (their deposit) are asked to pay the price.
Normally, I would agree that one does not borrow what once cannot pay. But then banks have a responsibility to lend money to people who can repay their loans, and not consider the inflated ‘future value’ of the home as part of the qualification process.
Until the “pain” is justly doled-out to all guilty parties, I say nobody needs to repay anything. If that isn’t motivation to start putting bankers in jail, then nothing is.