Would we have our own subprime loan crisis?

By the look of things, our stringent financial controls, and the CPF savings, we should not have any subprime loan crisis. So we should be spared because of our prudent policies. Spend only when one can afford it. Don't anyhow spend and don't spend beyond your means. For this, the medical services must take note and not force people to consume more expensive wards and services beyond their means. Medical costs must be brought down quickly. I digress. Superficially we may think that we will not have subprime loan crisis. But if we recall the way the prices of HDB flats were pushed to these levels without the income to match the increase, many people are actually living beyond their means. The worst hit are those that sell their first or second HDB flats and upgraded thinking that they could afford it. But they forgot that their incomes are not upgraded at the same rate as the price of flats. And all it needs is a little financial crisis, losing their jobs, and they will be cooked alive.