[philman_36]

...it would be laughed off the page in the US.
So instead of simply sniping perhaps you could explain how he is wrong.
If you've got knowledge then share it!

[xcamel]

Because "the mortgage meltdown" is just the birds coming home to roost" for sub prime lenders. If they lend money to unqualified borrowers - they get what they deserve..

interest only, 2nd and 3rd mortgages, what did they think was going to happen?

That being said, the reality is that "the meltdown" affects only about 5-8% of the total market.

[Southack]

per your post #6 request: "Peter Schiff, head of Euro Pacific Capital, said the sector was in an unstoppable meltdown. "It's a self-perpetuating spiral: as sub-prime companies tighten lending they create even more defaults," he said..."

To wit: tightening new lending standards doesn't create "even more defaults" from existing debtors. They've already got their loans.