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No , the new system that applies from this year, where both parties are responsible and accountable.... risk mitigation is the name of the game, backed up by FSA regs in a way it never has been before,....so lenders cannot massage the figures just to increase their income, and borrowers cannot...

Since it was only fully introduced in April, I fail to see where the stats come from. all your assertions are just guesswork.

Not this time because of course the government is virtually eliminating the risk to bank lending by insisting on all these new pre reqs being enforced. So if it starts to go the way of the pear, the government has underwritten huge chunks of the exposure.....but they will withdraw their support...

I assume you are not aware of the strict lending vs income vs expenditure criteria that have to be satisfied by lenders and borrowers alike these days....it is far more unlikely that defaults will become the order of the day again.