I've wondered how many true victims there are in this whole mess. I know there are some who were flat-out lied to and got stuck, but there are many, many people who are now being labeled victims who knew what they were doing, took the gamble, and lost. They either assumed they could refinance or sell the house for a profit before their ARMs kicked in, or they took out their equity to use for other things. Making bad financial decisions doesn't automatically make you a victim when things go bad.