The Sub-Prime market had nothing to do with people lying to get a mortgage, on the contrary - banks had identified these people as being at massive risk with regards to having a mortgage - and yet they still lent to them.
I managed to haul myself onto the Housing ladder a few years back, through saving hard over a number of years, I find it distasteful to see so many people almost enjoying the prospect of a crash.
I believe a crash is now almost inevitable - and it is a horrible thing to have on the horizon, there will be more losers than winners at the end of it all.
And I find it distasteful that a whole future generation are being priced out of being able to put a roof over their and their families heads.House prices are unsustainable at their current rate, the 10 year credit binge is no-one's fault but the irresponsible and negligent lenders and customers and I have no sympathy whatsoever for those people who have stupidly over-extended themselves in the popular belief that house prices can only ever go up.Greed, pure greed.
The party is coming to an end and I think although it will be painful, hopefully it will be the catalyst for the change in attitude in this country from obscene debt fuelled spending to sensible saving, and maybe people viewing their homes as a place to live in, not a cash cow, MEW-ing till their hearts content to keep up with the Jonses.
I think there are far more people hoping for a correction than you realise.