Susan Field in Melbourne & Jennifer Block in QLD are heading up the “Australian Foreclosure Class Action Against The Banks“.
If you are interested in joining us, then we need you expression of interest NOW in order to move forward. (see details below)
The purpose of the class action is to gain legal victory against fraudulent bank claims over alleged borrowers.
We would like to see determinations such as:
• no true loan exists
• that the borrower’s promissory note constitutes a valuable deposit
• that securitisation voids all rights of the originator to claim against the alleged borrower.
Outcomes sought will likely include:
• striking down the alleged loan
• striking down the mortgage
• repayment of fraudulently charged interest and principle
• and payment to ‘borrower’ of monies earned through the bank’s sale of the promissory note.
Such outcomes are not unreasonable and have been achieved in the USA. See for example http://www.youtube.com/watch?v=sc39chef30k
At the same time, please understand that this is NOT guaranteed as the lawyers along with the group will ultimately determine the scope of the case.
Assuming a win, there will also be claims for damage and injury. Each person will have different claims depending on whether or not the bank has tried foreclosing on them etc. Each litigant, including those still up to date with principle and interest payments is however, the victim of fraud, and there are guidelines regarding compensation for such.
There are two possibilities re a law firm. At the moment we’re not naming any. We’re not trying to be secretive, but need things to be firmed up before we can say anything. I’m sure you understand. Be assured though that we’re talking to solicitors who are experienced in this arena and can handle a large class action.
We have to demonstrate two things to the solicitors before they will commit to taking on the class action.
• That we have a legitimate claim. Discussions are under way on this matter and are progressing positively.
• On the basis that our discussions are showing promise, we need to also demonstrate that we have enough people to effectively mount a class action. This is why we have put a call out for ‘expressions of interest’. There is no final committment required by anyone at this point but the more expressions of interest the better. With that thought in mind, there is no harm in the people of your group registering their interest if they want. It will only add weight to our cause.
Assuming the firm of solicitors will take our case, we then have to get funding. This will NOT be a ‘no win no fee’ case. However, there are litigation funders our there who, for 20-45% of damage claims will fund a case. There are some minimal requirements by funders. For example:
• They have to consider the potential size of claims. One funder we have talked with says there has to be a minimum of around $4M in damage claims before they will consider funding. That won’t be a problem for us.
• Also, they won’t consider funding until they receive communication from the solicitors who confirm that, not only are they are taking the case but they are doing so because they believe it has a very good chance of succeeding.
So you see, there are several hurdles to be crossed before the whole thing can be up and running.
We can’t guarantee that there will be no cost to participants. With that in mind, it is recommended that people be prepared to find $500 initially to get things moving until we secure a litigation funder to take over.
All participants will need to pay $100 for a mortgage securitisation audit to expose the chain of title search to prove unequivocably that their mortgage has been securitised. (This normally costs $2000 overseas, but we have someone here in Melbourne that will only charge $100)
If interested, please complete the details below & email that section ONLY back to firstname.lastname@example.org ASAP
Expression of Interest details:
State of Australia:
Contact Phone Number:
Name of Bank:
Are you currently in foreclosure court proceedings?
Are you willing & able to provide $500 initial payment to the class action?
Are you willing & able to pay $100 for your mortgage securitization audit?
Are you willing and able to be on the members committee to help steer this ship?