Nice One - you can be sure the borrowers knew exactly what they were doing and were totally complicit with the whole process. Like all things in the modern era - pretend you did not know and cry crocodile tears. Just the same as those who fake falls to claim compo. You are right in saying they should not get the house free. The reason most of these folk went for lo doc, paid more int often, was because mainstream would not touch them. Amazing how often borrowers lie on their apps.
The taxpayer will not foot the bill here, the bank and shareholders and esp the CEO's should cop it sweet.
