Based on the way our current news business is run, you know that if there was even one family out there that was foreclosed upon while up-to-date on their payments, they would be on every new broadcast and in every newspaper in the country. The reason you haven't seen any of this is because the homes being foreclosed upon should be foreclosed upon.
Will this ever happen again? Despite what you hear on the news or what our politicians are saying, reality is this is never going to happen again regardless of whether the government does anything or not. People tend to remember really big mistakes.
Unfortunately, I also know of several lenders who had knots in their stomachs every time they went to work (for builder-owned mortgage companies) because they were forced to do what they knew was wrong in order to keep the money coming in for their families. Could this explain why there are subdivisions that are only a few years old with a huge percentage of vacant and vandalized homes?
These are just a few examples of different loan programs and - most of which are not now avaible now. This is either because there are no investors willing to buy these loans as investments, or because the have been effectively or actually outlawed by the government.
So now the government stepped in and is fixing he problem - not! The fact is the problem fixed itself. There are no investors out there buying stated-income 100% financed loans - and there will probably never be again! Loosing a few trillion in wealth tends to make a permanent impression.