They weren't screwed, they stripped their equity and spent it. I still have my equity, when I do spend it, it will be gone too.
Read story on line about some woman in CA who had refi'd her home over and over... taking $1.4MM in cash-outs. Then when prices collapsed, she just walked. (Non-recourse on home mortgates in CA... apparently applies to refis too.) Murica. What a country!
Not a grandpa yet. Now maybe if these dang kids would get married instead of using Tinder then that would happen.