Foreclosures: should we bail people out?

Was it mortgage fraud or stupid greed? Foreclosures are at an all-time high and they continue to threaten the health of the economy. Debate rages about how best to shore up these homeowners.
I'm sure there was mortgage fraud involved in some cases, but I suspect the majority of people got in over their heads because they wanted what they couldn't afford. Should the American taxpayer be responsible for his neighbor's market gamble?
I don't think so.