Month: May 2016
Busted! Joburg man catches Standard Bank out over mortgage loan securitisation denial
Standard Bank involved in securitisation
Sometimes the banks just can’t get it right. Here’s a case where Standard Bank’s legal department flatly denied a customer’s mortgage loan had been securitised, while another department in the same bank sent proof that the loan had in fact been sold to an entirely different legal entity.
Busted. That’s what happens when the left hand doesn’t know what the right hand is doing.
What makes this case even more interesting is that the customer, Jack Darier of Parkhurst in Johannesburg, does not have a judgment against his name, nor is his house under threat of being repossessed. He just wanted to know if his home loan had been securitised – in other words, on-sold by the bank to a new owner. That means the bank no longer has legal standing to bring action against the customer in the event of default. You can see below how the banks get around this – it’s a simple cession, they argue successfully in our brain dead courts.
http://www.acts.co.za/news/blog/2015/11/busted-joburg-man-catches-standard-bank-out-over-securitisation-denial
Auction Alliance’s network of dubious allies
Auction Alliance
IN THE dying days of December 2011, billionaire heiress Wendy Appelbaum decided to add another wine farm to her property portfolio when she bid for Dave King’s liquidated Quoin Rock farm. But she was hoodwinked on the auction floor by Rael Levitt, of Auction Alliance, who attempted to drive up the bids by placing a phony bidder in her path. Appelbaum became wise to him and over the course of the next few weeks, she attracted considerable attention to the attempted fraud.
The media then moved in and began to dig around Levitt and the firm he had started in the mid-1990s. In the middle of February 2012, a newspaper report that Levitt attempted, unsuccessfully, to interdict, exposed years of dodgy dealings that linked bank staff, liquidators and attorneys to a money-making racket, allegedly orchestrated by Levitt and Auction Alliance.
http://www.bdlive.co.za/companies/2016/05/13/auction-alliances-network-of-dubious-allies