It should go without saying the taxpayers cannot and should not bail out everyone, and that speculators, commercial or otherwise, are on their own.
Calculated Risk makes the case against any bailout,
Although the headline says "developers" this is really about property investors who bought commercial buildings at the price peak and are now underwater. But say the owners default and the properties are transferred to the bondholders - what is the risk to the economy? None.(HT to TPM)