segment on 60 minutes ronight

House of cardsSunday, May 11, 2008
Reporter: Peter Overton

Producer: Hugh Nailon

Hold on tight, because it's about to hit hard.

The great mortgage meltdown is coming.

Already record numbers of Australian homebuyers are going to the wall.

And, if we're to believe some experts, there's a hell of a lot more pain to come.

So who's to blame?

Well, a good starting point is the yanks.

You see, it was the greed of American bankers that caused the global financial crisis now pushing interest rates through the roof.

In the US, they call it the "sub-prime crisis", after the dodgy, low security loans that sparked this meltdown.

These loans were made to millions of people who simply couldn't afford them.

And when they began defaulting in droves, it set off a chain reaction that's now being felt all around the world.

Including, right here in Australia.