I would think that Howard is right in that Australian financial institutions do not target consumers who in all likelyhood would have great difficulty in repaying loans. In the US this would seem not to be the case.
If mortgage brokers are encouraging dodgy lending practises then is this the PM's fault? Given the high number of self-employed individuals what is our option - eliminate low doc loans altogether due to a small minority?
As an example 4 years ago my girlfriend had a reasonably well paying job, a deposit and a consistent work history and still struggled to get a loan for $150,000.
Banks don't give money away in Australia.
subprime loans are irresponsible pm, page-36
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