I will go out today and get 1200 people to sign over their unencombered homes and go to a bank or financier and ask for a jumbo loan. I will tell all the clients on my website and marketing material and in some cases, orally that, no probs, you maintain all beneficial interest in your home. But the catch is in some small print in the term and conditions that is totally inledgible, I have really taken all your benefical interest.
I tell the bank or financier that I will give money back to the owners, as they want to have some back, but I will organise and ensure everyone gets a fair deal from the billion dollars. I may give my mates and friend a better deal, as who will know or care, the billion is all mine.
How could a bank or financier not have some moral, ethical or professional lending obligation to ensure that all the clients knew exactly what they were signing and the risks associated given the equitable interest laws today. I find it very hard to believe that a financier would not go over the all the documents including marketing material and the FSG to ensure there was no funny business and the disclosure was crystal clear and in PLAIN ENGLISH. The bottom line is, most banks or financiers would never have got involved in the first place given the potential massive risks involved. The ANZ involvement may be more to do with the boys club. I personally think financier was blinded my the greed in the end.
