“I blame the government for not regulating our business more, like they do with banks. They should have seen this coming” “I blame homeowners for basically using the equity on their homes as an ATM machine.” “I blame the banks and lenders for approving people for homes who had no business buying one in the first place.” “I also blame the banks and lenders for coming up with teaser rates and interest-only products that are confusing to your average consumer”.
( Marc Cardullo Mortgage Loan Officer of Maine USA - the BBC 08.11.07).
“ The UK’s currently buoyant housing market (is) an enticing proposition. Bolstered by first time buyers keen to get on the property ladder and high earners investing in second homes and property to rent, this growth shows little sign of abating”
(UK – FSA regulated mortgage broker - web site - 08.11.07).
If we in the UK are to avoid the blame game now being played out in the US then everyone involved in selling, buying and financing property needs to inject a good dose of realism.