Origination

BNY Trust Company v Moore [2012] WASC 255

An elderly husband and wife refinanced a loan on their house, after having gone into default. The mortgage broker acting on the refinance submitted a loan application on their behalf which had been signed by them in blank form while the husband was in hospital and later completed by the mortgage broker, showing a monthly …

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CT Money v Thompson (No 3) [2012] NSWSC 528

This case involved a mortgage originator/manager who used a network of franchisees to originate mortgages. The franchisees contracted with a subsidiary company of the originator. There was a bad loan for which AFIG obtained indemnity from the originator/manager. The originator/manager then sought indemnity from the franchisee who had failed to interview the borrower. The franchisee …

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Xiao v Perpetual Trustees [2012] VSCA 85

A woman alleged that her signature had been forged on a mortgage and guarantee. She claimed that she was not aware of the loan and that she had been made a director and shareholder of the company without her knowledge. The woman had delayed proceedings for a myriad of reasons ranging from medical grounds, terminating …

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Perpetual Trustee v El-Bayeh [2010] NSWSC 1487

Half of the loan was used to discharge a previous mortgage and the other half was paid into an account in the borrower’s name. The borrower claimed his brother had engaged in fraud and taken the over borrowings. The brother claimed the property was held on trust for him and denied the fraud. The lender …

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RHG Mortgage Securities v BNY Trust Company [2009] NSWSC 1432

RHG raised money from a German bank, and BNY was the security trustee. BNY alleged that there had been an Event of Default and RHG sought a declaration that there had been no Event of Default or alternatively sought relief against forfeiture. The judge criticized RHG’s argument as to what arrears meant, noting that it …

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RHG Mortgage Securities v BNY Trust [2009] NSWSC 1011

In this case the trustee and noteholder asserted that there had been a default on a bundle of mortgages managed by RHG. They began steps towards appointing a receiver and RHG sought an injunction. An event of default was alleged to have occurred because of an Amortisation Event in January 2009. The trustee and noteholder …

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Permanent Trustee Company v O’Donnell [2009] NSWSC 902

This decision encompassed three related cases which were heard together. All three involved a company known as Streetwise Property. Streetwise was a property developer and finance broker. Streetwise conned three couples into mortgaging their homes and investing the money with it: in actuality the money was embezzled. In each case, Streetwise went to Tonto Home …

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Permanent Custodians v Leybourne [2009] NSWSC 288

This decision of Grove J involved a practising solicitor who borrowed money to pay out his ex-wife and make some alterations to his house. The borrower defended possession proceedings and cross-claimed for unspecified damages. He represented himself but chose not to give evidence. The borrower claimed the letter of offer (which constituted the loan agreement) …

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CB Direct v Challenger Mortgage Management [2009] NSWSC 334

In this case White J, as Duty Judge in Equity, determined an application for an interlocutory injunction by a mortgage originator, CB Direct, against a loan funder, Challenger. CB Direct argued that a purported termination of the origination agreement was invalid and sought a mandatory interlocutory injunction that Challenger pay trailing commission due for the …

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CT Money v AFIG Wholesale [2008] NSWSC 1336

In this case CT Money, a mortgage originator and manager, purported to purchase the loan book off DC Corporation Australia, the wholesaler being AFIG Wholesale Pty Ltd. Upon being notified AFIG began to pay DC’s commission direct to CT. CT entered into its own correspondent deed with AFIG and began to write loans. Time went …

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