A long-mooted class action against the Commonwealth of Australia, APRA and potentially other federal government entities over dubious mortgage credit oversight continues to brew, though the proponents are yet to lock in support from for a litigation funder for a civil claim likely to be fought out in the Federal Court over years and years.?
The proposed class action will be "on behalf of first-home buyers", Banking Day understands. This seemingly represents a narrowing of the definition of the theoretical class since the stirrers behind this action began researching their scheme several years ago.
Roger Brown a UK citizen and formerly a broker at Lloyd's of London, has been working for six years on this matter.
Brown said last night: “I have always believed that the Australian mortgage market had been corrupted since 2000 and first-home buyers have been simply cannon fodder in the process. The financial disaster about to befall this group, will be immense and unavoidable.
“The recent weakening of responsible lending laws proposed by the Treasurer last week is the final card in the deck for the case.
“I believe from data released regularly by many agencies, serves credibly to show a minimum class membership of some 300,000 and a total compensation claim of A$40 billion.”
A domain HomeBuyersLawsuits.com has been registered and will take registrations for class members in due course.