US banks settle $8.4B for unlawful foreclosures in 2008 ... CBA next

A

AustralianAustrian

Active Member
Here are some articles on what just happenned in the US foreclosure case settlement

US last week
http://articles.marketwatch.com/2013-01-06/industries/36175224_1_foreclosure-abuses-banks-bln

http://www.theaustralian.com.au/bus...sure-allegations/story-fn91wd6x-1226549297001

UK last weekend
http://uk.reuters.com/article/2013/01/09/uk-hbos-fraud-idUKBRE90715920130109

What the CBA/Bankwest victims and consumer advocacy groups are saying is exactly the same as what just happened in the US. What CBA did is nothing new. They merely saw what their US counterparts were getting away with and did it themselves. They took insurance bets against their customers' mortgages, made sure they failed and benefitted from the insurance bet. The US banks were insuring with the FDIC (US taxpayer money). CBA insured with HBOS (UK taxpayer money). This has now been shown to be unlawful in the US and will soon be shown to be unlawful in Australia once the largest class action law suit in Australian history starts.

The only difference between our claim and the US settlement is that due to CBA's aggressive pursuit of anyone who tried to fight back or talk to the media, the Australian victims won't be accepting pennies in the dollar. CBA will have to pay significant restitution in damages for all the homes lost, families broken, mental and stress related illness and suicides they caused
 
"Under the settlement, borrowers are expected to be contacted by March 31 with details of their payments. They will vary from several hundred dollars for minor violations" So they loose their home, the money they paid and only get a few hundard back.... That is Just a slap in the face!
 
When did someone get time to draft an entire new set of Australian laws specifically designed for banks so that they don't have to bother with the annoying laws that the rest of us live beneath?
 
registered nutcase said:
"Under the settlement, borrowers are expected to be contacted by March 31 with details of their payments. They will vary from several hundred dollars for minor violations" So they loose their home, the money they paid and only get a few hundard back.... That is Just a slap in the face!
Click to expand...

My sentiments exactly. The CBA victims will get the same treatment.

Here is CBA's new business model.
1) steal $4bn from 1000 customers
2) in the 5 years it takes to get to court, turn that money (other peoples money) into $8bn
3) push the victims to breaking point, (ie get judgements to take their homes, seize their cash accounts, broken families, relationships).
4) When they have no fight left offer them 10c in the dollar ($1bn - CBA profits from $7b in thefts)
5) If they dont take it drag the suits out for 20 years after which time 900 victims have given up or died.
6) the 100 victims remaining get full restitution + damages which amounts to 10 c in the dollar anyway. ($1bn - CBA profits from $7b in thefts)

repeat this process continuously. The market already knows this and has priced all this into the CBA share price.

we have a few surprises in mind that the market and CBA have not priced in. Will keep you posted when I can.
 
This has been our concern all along. Other banks now perceive that CBA got away with 'unlawful foreclosures' and their mega-profits are the result of it. The other banks will instigate similar policies. They start with commercial property/farms as there are more default covenants for the bank to try on and less consumer protections on commercials loans. Once they refine the appropriate precedences in court they will then move to residential properties.

There have been some major developments on the CBA matter which I will post in the coming weeks.
 
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