http://news.bbc.co.uk/2/hi/business/7729018.stm
And so it begins...
I have been hearing a lot of finger pointing here in the US about who is to blame for this mess, but all I can say is; I did not start hearing ADs from predatory Realtors until 2002/03. Then into 2004/05 it escalated to the point that this was all you heard on TV and radio. These asses even tried to get people to adjust their tax withholding so you would have more cash each month to pay the bloated mortgage payments.
Who was in power then?? Screw "them" all....
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