Banks DO have a legal obligation to abide by the Banking Code of Practice.

Very important ruling by the Courts - rules that the Banks DO have a legal obligation to abide by the Banking Code of Practice. "It's a significant decision because it means banks will be held to account if they say they are going to give certain information or make certain disclosures and then don't." The Bank tried to make out that it's 'errors' in their documents were not important, the Judge said that the errors WERE significant, and the Judge raised serious doubts about the evidence from the Bank manager. The Judge said that "the borrower could not have met his expenses from his income." The Bank knew that he didn't earn enough to pay for the loan, yet they approved the loans - because they thought that they could take his home & his properties if it all went pear shaped! This is pure asset lending by the Bank.http://www.smh.com.au/business/court-rules-nab-unable-to-recover-gold-coast-millions-due-to-breach-of-banking-code-20150508-ggwjp6.html

NAB Breaches Banking Code

NAB Breaches Banking Code ........... Again! But this time the law comes down against the bank. Can you believe it?

Don't crack open the Champagne yet folks. NAB, the lawyers and Courts have a very slick game plan with these sorts of cases. Once you know the rules of play it all makes sense.

A David takes on Goliath. Court finds in favour of David. Everyone is happy and briefly think justice exists, all is well with the world and Goliath won't harm them anymore. But ........ lawyers don't make as much money as they like with happy endings. It is very lucrative to stretch out a case so appeals are made. Much more money can be drained from the victim ....... and the bank. Then ... guess what? David is crushed and Goliath wins.

Do you know why the Courts fight tooth and nail to find in favour of the bank? Because if predatory banking was investigated and punished properly the whole corrupt racket that brings wealth and power to the manipulators of money, their lawyers and the pollies that protect them would crumble.

Court Rules NAB Breached Banking Code - http://www.smh.com.au/…/court-rules-nab-unable-to-recover-g… - link also in comments below photo at Bank Reform Now.