I don't see why people borrow $600,000 for an average house? Surely common sense should kick in and you'll realise you'll spend a significant of the rest of your life paying it off. Why not move to a cheaper city or build up a big enough deposit so that you don't need to borrow so much.
Perhaps it's just because I've just been raised in the old style of don't buy things if you cant afford them, instead of just chucking it on credit.
Miles, if anyone should be blamed I think it's mortgage brokers who encourage people to work around the system by lying about their ability to pay off a loan just so the mortgage broker can get his commission.
subprime loans are irresponsible pm, page-39
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