75ZT Community

And it actually made sense to a non-mathematical person...

http://www.bbc.co.uk/news/magazine-17866646

So having read the artical I am now convinced that Scholes are bad for your feet and wallet

Enlightening

It was more about people selling mortgages (and other things) to folk they knew couldn't repay them, and then packaging those in with other stuff and labeling it as an AA product-investment.. Thousands of people lied and committed fraud all down the line, but for some unknown reason they are not being prosecuted. Nor are their assets being seized to pay off the bad debts. Paying all the debts has become the publics problem, whilst the profiteers keep their ill gotten gains...Again........
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All exactly right (started in US). A similar scam started here when self-employed people were given 5 x salary mortgages on the back of self-certified incomes - hoping the massive property inflation would keep them out of trouble. Many of these mortgages were interest-only and obviously intended to be short term for a quick profit. The lenders not only invented it, they made sure it continued, funded it with all sorts of offers and responded when it all hit the fan with the usual shrug and 'not me guv'. All the fraud implications, on the part of the lenders and the borrowers, were conveniently ignored presumably because the problem was too big.