OK, but .... When people miss payments or don't pay, the interest rate goes sky high - and in a lot of cases, the debt DOES get paid at the end, even if the debt gets sold off cheap to a collection agency so the RISK isn't that much is it? People worrying about their Credit Score makes sure of that!

Also, What does happen when, in your end scenario, the champagne doesnt flow any more - some investors get burned (but they've factored that in with the level o risk they bought into haven't they??

Mark 'Not an economic genius' Urquhart-webb