Comment by spicerguy

agreed - though I think the grandfather comment was probably referring to the UK marketplace and the US experience of subprime credit sales is somewhat different at the mortgage level. Payday loans are a different story all together and have the a similar, or even more vulnerable target market here in the UK as subprime mortgages in the US. However payday loans are not usually offered by traditional banking vendors in the UK and as such banks get off the hook here.