The article is behind a paywall, so I couldn't read it. So I'll add my own curmudgeony observations ...<p>Back in the day, Japan had 100 year mortgages. It was a sign that something was wrong.<p>If lenders are desperate to lend money, then that's a huge red flag. The 2008 credit crunch happened because there was too much easy money kicking about. Lenders were desperate to lend, and got involved with wacky lending schemes that went pear-shaped. As one commentator put it about the cause of the crisis: "We shall learn a great deal in the short term, some in the medium term, and almost nothing in the long term".<p>Roll back a few decades, and banks caught a cold on credit card. The credit card business was profitable, money flowed like water until there was a recession and the whole thing turned into a mess. Bankers assured us that they had learned their lessons and the same thing will never happen again.<p>The truth is, though, is that nobody learns anything. All the bankers and the regulators that oversee them, who presumably should be experts and savvy in the matter are completely blind-sided. Why didn't anyone inform the governments that risk is building up in the system.<p>UK mortgages are predominantly variable-rate (at least they were the last time I checked). OK, so the bank lends out a bunch of money. What happens if the interest rate rises? You have to plan for this, as you can't just say that interest rates won't rise. We've had historical low interest rates since about 2009. We're seeing a pick-up in inflation, with central banks seemingly more willing to raise rates. There are also indications that the economy is stagnating. OK, so a stagnating economy together with inflation could trigger higher unemployment, higher interest rates, and thus contraction of consumer spending, and consequently a recession with mortgage defaults. It's not the first time such a thing has happened.