This case came to my attention when it was citied in the NSW inquiry into Elder Abuse.
Originating in the Sydney suburbs of Five Dock, Drummoyne and Russell Lea, an elderly couple with little English won a judgement against RHG Home Loans and the mortgage broker Peter Famularo. His Honour, Davies J of the Supreme Court set aside a Loan Agreement and ordered that the Bank, RAMS, discharge the mortgage over the home of the elderly Defendants, on the basis of an Unjust Contract and Unconscionable Conduct. The loan application contained a number of false statements and was submitted with false identification and passport numbers. In fact, Mr. & Mrs Ianni were pensioners with no capacity to service any such loan, and Mrs Ianni did not hold an Australian passport. His Honour found the Mortgage Broker, Mr. Famularo, “to be a most unsatisfactory witness” and found it difficult to accept much of the evidence he gave”. His Honour accepted the proposition put to Mr Famularo by Senior Counsel to the effect that Mr Famularo was making his evidence up as he went along. His Honour described some of the evidence Mr Famularo gave as being “quite frankly, unbelievable”. The judge also concluded that it was more likely than not that Mr Famularo had fabricated diary notes of the meetings alleged to have been held. His Honour gave judgment that the bank, RAMS, discharge the mortgage over the home of the elderly Defendants, on the basis of an Unjust Contract and Unconscionable Conduct. The full case can be read by clicking here. |