The weekly recap of mortgage, home loan and housing news in Australia.

The top stories for the week ending 19/08/07:

Costello push on high-risk loans
Herald Sun
In light of the US sub-prime mortgage crisis the Australian Federal Government has expressed concerns over low doc loans that have led to a higher rate of home repossessions and unfair interest repayments. Treasurer, Peter Costello, is pushing the states to introduce laws to protect consumers. Lincoln Wright from the Herald Sun provides a wrap up.

Economy will remain strong despite US turbulence: PM
ABC
Speaking at the Liberal party state conference Prime Minister, John Howard stated “I don’t want to pretend there’ll be no impact but I want to assure you that because of the strength of our economy, that impact will be minimised.”.

There is more coverage and commentary on the US sub-prime crash and it’s affects for Australia at Don’t fear slump, says RBA (The Advertiser), Economy in good shape: Stevens (Herald Sun), For perspective: look back to 1987 (The Australian - Terry McCrann on the Australian Share Market), Market pain may linger for up to a year (Brisbane Times) and the Home Loan lender Rams Home Loans has also been caught up in the turmoil as Richard Gluyas reports here RAMS caught up in the storm.

Statement on Monetary Policy [PDF]
From the RBA (Reserve Bank of Australia)
A statement on monetary policy was released on Thursday by the RBA. Reserve Bank Governor, Glenn Stevens, fronted the House of Representatives Standing Committee on Economics on Friday and a transcript of the opening statement is online here

How the Reserve steadies ship in troubled waters
The Sydney Morning Herald
With all the recent turmoil in the markets Central Banks, such as our Reserve Bank, have had to come to the rescue and Ross Gittins, the Heralds Economics editor, has a great article on the operations of Central Banks.

Land supply blamed for housing costs
The Age
Dwindling land supply and increased borrowing power among consumers have affected housing affordability in Australia, says Reserve Bank governor Glenn Stevens.

Advice from Aussie Loans boss
The Sunday Telegraph
John Symonds of Aussie Home Loans has had a number of interviews this week providing views on home loan affordability and the effects of the US mortgage crisis in Australia. In the article from the Sunday Telegraph he provides some down to earth views for mortgage holders. Symonds is also expected to present a 20 page plan on housing affordability to both sides of parliament next week after expressing that “Housing affordability is stuffed”.

Top 10 don’ts of open homes
Yourguide.com.au
Mercedes Maguire has written up a great article on running an Open Home with with advice from some top real estate agents and valuers. Article includes a list of do’s and don’ts along with a real world example of the benefit.