Just about sums it up,
Two years ago, banks were offering 125% mortgages. Yes, that's right, we will lend you more than the property is worth in the misguided belief that prices will cary on rising ad infinitum.

Financial madness, and now we are all paying the price for a combination of greed and shortsightedness on the part of banks, and opportunism and band-wagon jumping on the part of borrowers.

PS I'm guilty too, excuse the rant.
( slapdash flying through the cool clean air since, Thu 22 Jan 2009, 22:55, Reply)