thirtysomething please don't take anything I said personally! I can't possibly lay the blame for any of this at your feet in reality, but I do feel that the financial sector took its more vulnerable customers for a ride without setting up the safety nets that such risky practises should have required. It's fine to cry 'caveat emptor' and then fleece your target if they are as educated and savvy as yourself, but many - most - of those caught in the sub-prime fallout are as naive and innocent as they seem. As you and I both intimate, many wannabes are equally naive and innocent of financial matters, and will gloss over the details in the rush to secure finance for flying training - hence all the warnings on this thread.
As for losing my house, well, you can call it lack of forethought if you like. I call it just being a normal working man. Sadly, I'm like the majority of the working population - I have a house bought with considerable equity using a mortgage that is a low multiple of my income. all very sensible and normal - and if I lose my income, I will no longer be able to service the debt. Boo hoo. Very sad for me - though all it means in reality is that I trade down to a smaller house and no debt. Sadder for the financial industry, though, as they lose a sound, reliable customer with a long term interest commitment. And they'll lose thousands - maybe millions - of others too. That's a lot of cash flow out the window, and the asset base gets written down to boot.
Anyway, that's all by the by. Thanks for your contribution; it was more appreciated than I think you believe!
Scroggs