Need help with deficiency judgement... Trying to help a state legislator...

I was contacted my State Representative, Sue Chew and was asked if it was true that the banks were double dipping when they gave a deficiency judgement. She was told that Bank of America was gauraunteed by the feds that they would lose no money. She was wondering if the banks were collecting from the feds and trying to collect from the home owner.

Also if there were to be protective legislation on deficiency judgements what would be the best practice to protect those with real hardship while not allowing a benefit for strategic defaults. Any opinions you have would be appreciated. Any thoughts?