subprime problems in australia coming...

from the DAILY RECKONER today,

--Tonight at 8:30 on ABC1 you can watch a program called "Debtland." We haven't seen it ourselves. But the blurb on the ABC website puts it this way, "Mortgages doled out to people on disability support pensions; loans to refugees with no English and no jobs that leave their families with next to nothing to live on; home loans so large they push borrowers below the poverty line…This isn't America's sub-prime meltdown - it's Australia's debt debacle, the legacy of a credit binge that's sent household debt through the roof and lending standards through the floor. Now the hangover is kicking in."

--"As many as 300,000 Australian households may be at risk of losing their homes. It mightn't take much - another rate rise or two, a family illness or maybe just the car breaking down - to send people under. And for thousands more who are better off but feeling the pressure, this credit crisis is getting too close to home."

--Hmmn.