A new narrative of the subprime mortgage crisis

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Actually the problem described is less about home ownership than people thinking they can beat the market while playing with money they got by means of taking one sort or another of credit. A lot of people were guilty of doing that when everybody was thinking you were crazy if you weren't in shares.

The part that isn't covered by the sale of the property? In Holland that's a personal debt then. Defaulting on your mortgage is not a common problem in the Netherlands.

Especially because bankruptcy is a bitch of a very mean kind.

Like I said, bankruptcy isn't such a mean bitch in the US. Sometimes it can even be used as leverage by the biggest borrowers (like Trump) to borrow even more.