Hora – Whilst its not all the fault of the banks and I agree that idiots who would rather spend on a new 42″ plasma TV than pay their mortgage should have little sympathy, the waving of 125% mortgages in front of people’s faces whilst everyone and their dog (that’ll be Phil and Kirsty I’ve described) seemingly calling people without their own property some sort of untermenchen was also pretty irresponsible.
Do you understand what a 125% mortgage means?
Yes, people entering into such mortgages should have read the small print also but whilst the world around you is saying “house prices will only continue to rise as we live on an island/there is limited stock/etc” and the PM is grinning like an idiot and saying “no more boom and bust” weaker minded people will get caught up in it and panic.
Ultimately the banks were greedy, they wanted any money they could get and for a while they got it. Now they’re all sobbing and asking the taxpayer to bail them out, which will include those taxpayers who were stupid enough to buy with a 125% mortgage, lose their house and now also cry to the government that it wasn’t their fault.
Of course at the end of the day it’ll be us thrifty taxpayers who front the bill for all these idiots, both bankers and those who’ve lost their houses.