excuses excuses, page-45

"most subprime loans were sold to people who could have had prime loans"

Completely disagree...

To quote from my learned colleague re subprime mortgages in the US.

"They never had any hope of paying in the first place and should never have had loans approved"

We are talking of people who had no hope of ever obtaining a prime mortgage.

Subprime to the extent of the US will not be happening in Aus. Interest (cash) rates have peaked and will be reducing not increasing. Banks may increase more, but not by much.

As Warnie has already correctly pointed out mortgages in Aus are affordable (not for all obviously) in the main. There will be defaults, always have been and always will be, however not to the extent of the US.

Anyway...what the hell am I doing posting, I said no more lol :) At least the debate is becoming sensible, in the main.

There will be no crash, this I will hang my hat on now. Correction is in progress and value/bargains are clearly presen. However prices will not correct to any extent that I, nor anyone else that is not overly extended, will be concerned with.