There's an interesting piece over at Bloomberg. It doesn't tell us anything startlingly new: people got greedy and over-extended themselves, now they're in the shit, the inner-city apartment builders who relied on them are in the shit, and the lenders and surveyors and various other facilitators who walked the tightrope between stupid optimism and fraud might turn out to be in the shit, too, soon if people like Richard Lee get their way. Lee leveraged £150,000 up to £5.3m of property in - it appears - all the worst places. All his property's now owned by the bank, after losing 40% in value.

Lee and 85 other investors plan to sue the developers, lenders, appraisers and solicitors involved in their property transactions. Lee's attorney, Hammad Ahmad of Max Gold Partnership in Hull, England, said the lawsuit will probably be filed in about two months.

Read it and weep/laugh (delete, depending on your personal view) here.

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