Mr. Peter Nyberg:

The house price increase was a result of speculation by those for whom this was possible and also a result of their being financed primarily by banks. Of course, those who bought at high prices did so willingly. They took the risk willingly and those who did not sell lost money. Both the rich and poor did so.

As regards the discussions we had, the reaction of people who were involved in lending varied very much, as it usually does with people. Some thought that everything would have gone well but for the American crisis and others were deeply shocked. On the other extreme, there were people who were deeply shocked and did not understand how they could not have seen it at the time. The reaction was all over the place