Mortgage malfeasance, continued.

I am getting a little tired of these people begging me to subsidize the mortgage they can no longer afford. I have 2 main gripes, as follows;

After refinancing twice, Mark Klepper owes $1,064,000 on the Miami house he bought for $585,000 five years ago.

and;

But it does little for borrowers who have had significant jolts to their income, or who owe more than their home’s value

Both these quotes are from this New York Times article.

The first guy did some "consolidating", which in most cases meant buying RVs or speedboats, or taking expensive vacations. Why on Earth are we bailing out those people who used their homes like an ATM?
If you owe more than your home is worth, that is the gamble you take with home ownership. It is one that pays off in the long-term, but sometimes not in the short term. Where is it written "thou shalt always have positive equity in thy home?"
When will this madness end?