In a parallel universe, if the house market hadn't collasped along with this inability for some people to pay for their mortgages, we wouldn't be having this conversation; the banks would have just sold the homes at profit and recouped their losses and go on.
In a different parallel universe, if the mortgages that banks bought up that were dodgy and knew that the buyer wouldn't be able to keep up repayments were still with those banks when the house market collasped then only those banks who made bad decisions would have been affected.
In reality, the banks made bad decisions, the house market started to decline and they had been screwing one another over with CDOs (Bad mortgages wrapped up to look like AAA investments) so everyone got a piece of it in the ass when confidence hit the financial markets and they collasped, banks stopped lending to one another *deep breath*... and we find ourselves in this unfortunate situation with a worldwide recession.
Just as long as people don't ask me to feel sorry for those who gambled on the Buy-To-Let market during a housing shortage and live off the rent generated. They took a chance and are paying the price... boo fucking hoo. Maybe if they weren't paying 86% above the asking price in Edinburgh for instance then they wouldn't be in negative equity now.
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In a different parallel universe, if the mortgages that banks bought up that were dodgy and knew that the buyer wouldn't be able to keep up repayments were still with those banks when the house market collasped then only those banks who made bad decisions would have been affected.
In reality, the banks made bad decisions, the house market started to decline and they had been screwing one another over with CDOs (Bad mortgages wrapped up to look like AAA investments) so everyone got a piece of it in the ass when confidence hit the financial markets and they collasped, banks stopped lending to one another *deep breath*... and we find ourselves in this unfortunate situation with a worldwide recession.
Just as long as people don't ask me to feel sorry for those who gambled on the Buy-To-Let market during a housing shortage and live off the rent generated. They took a chance and are paying the price... boo fucking hoo. Maybe if they weren't paying 86% above the asking price in Edinburgh for instance then they wouldn't be in negative equity now.