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i am confused.
(nothing new there) but i think you are lumping too much together there.
the mortgage lending crisis that fucked over the global economy has nothing to do with the nature of mortgages themselves. the root of the entire thing was banks suddenly being willing to write unsafe bets, that inflated home prices due to all this money floating around and people who never should have been extended the amount in the first place default. it was a collapsing house of cards. (not sure about UK regs about disability and whatnot) but it works the same for me here... if i default on my mortgage, and the bank is forced to sell my place, if it goes at a loss, i am still responsible for that difference. as that is the money i borrowed. it only makes sense.
same thing, if i max out my credit cards buying flatscreen tvs and sounds systems... and ooops. cant afford it. that is still my fault. in the long run, owning a house is still a better bet (as long as it was within your budget in the first place) the market will come back, it will be slow, as it was so over inflated.
footnote here.. i am drinking, and you lost me, then i lost why i was writing this reply. i am just rambling, as work brain still may be on. off to look for something pointless to watch. :) all apolo9gies