Comment Re:CDOs weren't the problem (Score 1) 732
The problem isn't so much the bargain introductory rates, we've had them in Australia for decades.
The problem was this was the first time America had been introduced to them, and a HUGE volume of them were done in a single 2 year period (unlike here, where they spread out naturally).
So the problem of the introductory rates expiring and people defaulting came in a huge single wave, far higher than in countries that have had them for a long time.