[Osem]

Well we shouldn't forget that a fair proportion of good old Joe Public has had it's part to play in this debacle by spending money it didn't have using loans based on notional house values to buy new cars, holidays etc etc. These people deluded themselves that the housing market was a one way street to guaranteed riches and were only too happy to live now and hopefully pay later out of their never ending paper profits.

The people I feel sorry for are not those described above but:

a) Those (especially on low incomes) who've worked hard to buy property and who will now have to pay more for their mortgages.

b) Those who are trying to get mortgages for the first time

c) Those who've been prudent, saved money (possibly on which to live) and are now seeing their investment returns significantly reduced.

All are now suffering through no fault of their own.