State court tosses out local mortgage rules - 2005-02-06
Local governments cannot regulate mortgage-lending operations that impose heavy interest rates on home buyers who would not qualify for traditional loans, the state Supreme Court ruled last week.

The 4-3 decision stops Oakland and Los Angeles from enforcing local mortgage rules and blocks other cities from adopting lending ordinances.
Read the full story at Los Angeles Times

Westpac welcome mat for brokers - 2005-02-06
Mortgage laggard Westpac has loosened its lending standards in a bid to win market share – especially targeting mortgage brokers who now account for about 35 per cent of all home lending.

In a memo to mortgage brokers, delivered in late January, the bank said it would accept a maximum 97 per cent loan to valuation ratio (LVR), compared with 95 per cent previously.
Read the full story at Australian