Yeah, this is true. Quite a few of these loans were mostly likely done by overzealous banks willing to give loans to folks with crappy credit.
Another thing to think about is none of these people will make out scott free with that cash. They'll have a foreclosure on their credit report for seven years and that will be worse in terms of getting a new home loan than if they had gone through bankruptcy. Of course, bankruptcy probably wasn't the best course in terms of keeping the home because they were most likely underwater on their loan.
We politely request that you refrain from feeding the trolls