I keep wondering if the powers that be knew that low down payment percentages and low interest rates would have a major side effect: increased purchase prices (back then) and lack of initial equity that would make it really hard to sell. I think a lot of people who bought or refinanced back then are just stuck.

It doesn't feel as dire as the subprime mortgage crisis, but maybe that's because renting out your property for at least breakeven is a lot less damaging than defaulting on a mortgage.