Let's say I have a small mortgage (or in my case line of credit on the house) with a big bank. This bank goes bust. ( I think that if its happened in USA and Britian it could happen here.) Could the liquidator or receiver acting for any secured creditors of the bank repossess my house and flog it of to a "sophisticated investor mate" for the little bit that's owed and give me the finger. Do we have a law to stop this because it seems prety close to what's happening right now with Opes.
pretty close is not good enough. You do indeed "own" title of your house. The bank is an "interested party" and holds the title deed to protect their interest.
