Mortgage Broker Engaged in Misleading and Deceptive Conduct

By Petra Amelia on October 11th, 2007

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Federal Court judge Roger Gyles found Canberra mortgage broker Kelvin Skeers had engaged in “misleading and deceptive conduct” in writing a $360,000 low-documentation home loan for a twenty-year-old man who was unemployed and homeless. It is the first time a mortgage broker has been found guilty of unconscionable conduct for writing unjust loans, and the precedent could leave thousands of mortgage brokers open to action by the corporate regulator and state fair trading bodies. “This case highlights that unscrupulous conduct in the mortgage industry is not acceptable and that mortgage brokers can be held responsible,” ASIC executive director of enforcement Jan Redfern said.

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