Not really, that is people borrowing more than they can afford to borrow, and they can only really blame themselves for that, although, being human we do like to blame anyone but.
In his book "The Big Short", which examines the financial crisis by exposing the venality of Wall Street and associated financial services, Michael Lewis cites the case of a Mexican strawberry picker who was given a $750,000 mortgage!
As I said above, I see the problem with the world these days is no one can take any blame anymore, it is always someone elses fault.
"They said I could have the loan". Hmmmm?
Anyway, new rules are being brought into place it was announced this morning, so in the UK at least all earnings are to be proved regarding mortgages, no more self certs., no more fast tracks, they will be confirmed with help from the Inland Revenue so they were saying.
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