my mate just called seeking urgent advice, page-42

I just love the way this case is used to expose total ignorance about what a mortgage document is nowadays:

"but a straight forward mortgage against a house, has no ability to change or call for additional changes, ...
the borrower has only to make the monthly repayments...
that is the only default option"

All totally wrong. All sorts of extra charges can be imposed if the bank deems it necessary, default options are many, and irrelevant in most cases as the bank can demand payment whenever it wants.

Suppose a bank needs money quickly. $1,000,000. Three of its mortgagees are in default, each owing $400,000 on houses worth $350,000. Twenty of its mortgagees have never been in default, and owe $50,000 with plenty of equity in their home. Which homes do you think the bank will call in the loans on?