The political formula here in the UK is "We'll do anything that's necessary" and "the sub-prime problem started in the USA." Misleading nonsense.
The Americans may have sold packaged mortgages, but our institutions here didn't have to buy stuff they didn't have the competence to analyze.
And we didn't have to have 6x earnings, LTV100%+, self-certification or a rush into buy-to-let.
This disaster is home-grown.