On face value, the high mortgage debt in the Netherlands should be a social issue. The mortgage debt is well offset by unusually high Dutch savings, and (more actual for lenders) big assets of pension funds. As unemployment is still rather low (though rising), the number of distressed borrowers is low as well - and no Laborist would particularly help them either. If you are a net lender, or still have a job, you can still be content in the Netherlands, even if your equity is dropping. Unspokenly, marketists take a good care of lenders.