The US sub-prime mortgage crisis has prompted the Australian Government to consider tightening regulation of the nation's lenders. A parliamentary committee has identified a need for stronger regulation of the lending sector, to ensure that predatory lenders do not cause a liquidity crisis in Australia. The committee has recommended giving the Australian Securities & Investments Commission the power to prosecute predatory lenders who prey on vulnerable consumers. The mortgage industry has welcomed the proposed changes, however the Financial Services Union has some concerns
Someone has to stop people lending money to those who can't afford to pay it. But it is the consumers fault in the end and I don't think we can lay blame on the lenders. Consumers should know whether or not they will be able to afford the mortgage they are getting into, I don't like the current "victim" mentality around the place that a lot of borrowers are taking.

It is their OWN fault if they did not anticipate interest rates rising.

This has caused so much instability in the market there may be a few good buys out there but they are still few and far between.

Good luck