I think tonights Panorama will have opened a lot of Joe Publics eyes to what has been going on up and down the land.
Did you see those whole new apartment blocks in London where 80% have been repossessed and there were nearly tumbleweeds blowing through the streets?
Did you see the Psychiatric nurse on less than £30k a year with no deposit who was given half a million pounds worth of mortgages?
Did you see the two 50 yr old invalids on benefit that were given a 25 year mortgage?
And these are just the examples the BBC could find in a hurry and who provided useful telly interviews. This is rife. If 8% of mortgages are subprime and they all default then its hello house price crash, hello negative equity, hello recession and goodbye to a few airlines in this country.
It may not be as bad as the early 1990's but even if it isn't the days of willing and easy credit for Wannabes has ended and to compound the problem the bank of Mum and Dad will find the God of Mortgage Equity Withdrawel has died.
£70k Integrated Course Sir? With a £20k jet type rating on the end? Hmm, let me see what the computer says...
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