It’s generally recognized in civilized societies that criminals have a second chance to rebuild their lives after their sentence has been served. Even for people that have been convicted of stealing large sums of money, at some point they will be free of the burden they placed upon themselves by committing a crime.
However, if you made the mistake of legally borrowing the money to buy a house (instead of stealing it), and through no fault of your own end up unemployed and unable to pay your mortgage, you (and anyone else who made the mistake of cosigning your mortgage) you are completely and totally fucked forever. Even with the latest changes, where the bank may be unable to kick you out of your home, the bank is still free to go after ever euro that you will ever earn, add punitive interest payments to the amount owing and even add the costs of their lawyers suing you to your debt.
There is no second chance for these people and they will have to live at the margins of society for the rest of their lives, perhaps surviving by working in some cash job where they don’t need to declare their income.