"Who cares if millions of people take bad loans that they have no chance of repaying? That's their own fault, they should know better."

And yet, look at how deeply the entire world was affected. People need to be protected from themselves for the well-being of society.

Also, are you Ayn Rand or something? Your only point of argument here is that people should be given more opportunity to ruin the lives of their family at the hands of a system that has most likely willfully manipulated and taken advantage of their lack of experience (including convincing them that it was a good idea in the first place). Have some compassion.