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.”
APRA appointment will strengthen regulation
Customers want trust, but do they also want brands?
ASIC chair: Remove remuneration conflicts