"Is it fair to bail out the people who have been enjoying a super low mortgage for the past few years while I paid more for security?"
Perhaps the question of "fairness" is now beside the point. What are the consequences of no government intervention*? As Matclone alludes to, it will be more than a some families losing their homes.
* Intervention may consist of government pressure to avoid forclosures. Granted anything the government does is at taxpayer expense, but would you object to the government acting as a "mediator" of sorts?