Ann: Profit Guidance, page-15

well , pray tell, can you divulge to me how it all works?

in the US of A, mortgage holders could just walk away from their homes without any obligation to the mortgagor whatsoever.that is why the subprime crisis only applied to America.

here in OZ, you would be declared bankrupt!

but where did those Americans go to get suitably housed?

you see, this has opened a can of worms-sure wages are slightly up and consequently also employment in the US, but if interest rates follow suit as indicated and virtually guaranteed by the FED, then 'Houston-we have a problem'.

ps- in the US, new homes are not really taking off as there are still so many established homes that are vacant.
that's why Morsco was so keen on exiting a 'hot potato' onto a naive management team from REH and leaving them with just a few chips!

cheers crazypunter