Class action planned for entire mortgage industry

by Rebecca Pike31 May 2018

Plans for class action proceedings have started against the entire mortgage industry, on behalf of bank customers who entered into a mortgage finance agreement since 2012.

Law firm Chamberlains has been appointed to act on behalf of MortgageDeception.com.

According to the Australian Financial Review “lawyers representing up to 300,000 litigants are planning an $80billion action against mortgage lenders, mortgage brokers and financial regulators.

The action has had $75million backing from the UK and Europe and around 200,000 borrowers are ready to join.

On MortgageDeception.com’s website, the firm said, “In a further development, Chamberlains’ class action team is now instructed by Roger Donald Brown of MortgageDeception.com, who is representing various Australian bank customers who they allege may be incurring financial losses as a result of entering into mortgage loan contracts with banks since 2012.”

The MortgageDeception.com website said anyone who has entered into a loan with a bank since 2011 “are about to encounter difficulties”.

It continued, “Since 1995 banks in the United Kingdom, Ireland, Australia and New Zealand, have been making massive and obscene profits from providing finance to property purchasers. These banks have cared little about the lending practices adopted by them, and reckless lending has brought about huge and unsustainable increases in property prices.

“We believe that the banking industry and its regulators have intentionally turned a blind eye to the irresponsible lending that has been taking place.”

It continued, “For Australian bank customers that have entered into mortgage finance agreements with banks since 2012, we have appointed the leading Canberra based law firm of Chamberlains www.chamberlains.com.au to act in the planned class action lawsuit. The partner in charge is Mr.Stipe Vuleta.”

 

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COMMENTS

  • by Had enough of this 31/05/2018 8:44:29 AM

    Why don't they start a class action into the real estate industry altogether. Bank profits should not be a reason to think they are careless as if it wasn't for them these people would not have a property or a roof over there head in the first place. In terms of shonky deals the blame is the lender and consumer. However, the lenders are the ones doing the purchaser a favor as there are instances that a pre approval was never done (auction purchase) or the purchaser is willing to live on bread sticks for 5-10 years for a fancy post code. This has been blown way out of portion and this is now a reason to a future collapse in property and the finance industry.

  • by Cubeman 31/05/2018 9:08:36 AM

    On the flip side, if the customer was better off, could the bank take that off them then??

  • by Marcus 31/05/2018 9:25:01 AM

    Opportunistic? Ambulance chasing Lawyers, Parasites!!!