I've been against this for some time now ... much of this problem is the result of speculation. House flippers! Why should we bail out people who would not have shared in their reward but now expect us to cover their risk. As for being duped. I am sure some were unaware but they are few. As someone who once wrote mortgages and has owned 3 homes ... the disclosure papers read like "Gone With The Wind".
Michelle has the best post on this.