[nomadking]

Originally Posted by Hugh

Rubbish!

I know a reasonable number of people aged between 20 and 335, and I don’t know one who thinks that way.

No shortage of them appearing on TV programmes. What else do you think the sub-prime mortgages were and are?
Link

Lending to individuals with poor credit histories was widespread in the run up to the global financial crisis, and was also a contributing factor.
Banks lent money to ‘subprime’ borrowers: people who could not always be relied upon to repay the loans they took out, or whose loans were too big to be realistically affordable (as opposed to ‘prime’ borrowers with impeccable borrowing pasts and a clear ability to repay).

2005

Despite recent falls in house prices, ministers are keen to extend property ownership to more people on lower and middle incomes in the belief that capital assets are the key to social mobility
...

Putting assets within reach of people of moderate means — through home ownership or the child trust fund launched last week by Mr Brown — is the key to this wider offer which Ministers want to put to the electorate.

April 2010

And it's no good blaming global crises and poor American homeowners - like a child caught out at school blaming the others. The UK's interwoven banking, property and consumer mania was our homegrown problem that put our economy in such a mess.


The period from 1997 to 2007 saw a colossal house price boom.
This led to massive imbalance in the economy, a toxically high level of mortgage debt and a huge credit binge, as Britain went on a spending spree with money borrowed against the inflated theoretical value of property.

2007

Outlining housing and planning bills, he said: "Putting affordable housing within the reach not just of the few but the many is vital both to meeting individual aspirations and a better future for our country."