BIG WIN FOR LONG SUFFERING CONSUMERS OF SUB PRIME FRAUDULENT MORTGAGE LOANS.
MAJOR BANKS will be brought to account! Malcolm Turnbull said no need for Royal Commission................he was so wrong.
Victorian Court of Appeal slam dunks NAB Bank for UNVERIFIED, UNSUSTAINABLE, UNAFFORDABLE Lending Practices. I suggest you start lining up for compensation.
HUGE NEWS for CONSUMERS OF DUD Mortgages: Banks have suffered huge loss of significant case in Victorian Ct of Appeal (original case was NAB vs RICE – and RICE won) NAB appealed and this time ROSE responded) RICE and ROSE are partners in the deal.
Our BFCSA Lawyer just advised: "This is huge. All the cases where the bank didn’t VERIFY the LAF must now be investigated and compensated properly."
ASIC IGNORED SOME 400 CASES re our members. Now, I intend to send a memo to Greggie Medcraft, and Peter Kell and copy to a couple Senators like this:
Now that the Court of Appeal in Victoria has confirmed that the Banking Code of Practice provides contractual warranties, such as article 25, that the bank won’t lend you more than you can afford to repay, we imagine you will be keen to follow up the 400 cases of falsified loan application forms BFCSA Members sent to you in 2012 that the banks obviously did not verify incomes and affordability. In the meantime, we will reassemble all the other members for the next round.
DB
http://www.austlii.edu.au/au/cases/vic/VSCA/2016/169.html