* Stresed borrowers are being pressured to sell at undervalued prices  
   * People who have been approached are urged to call the ACCC
   * ACCC would look to seek an injunction to stop unfair sales

CORPORATE vultures preying on mortgage-stressed homeowners have been threatened with legal action by the Australian Competition and Consumer Commission (ACCC).

ACCC chairman Graeme Samuel warned yesterday he would use the Trade Practices Act to prosecute entrepreneurial predators, who pressure families to sell their homes at vastly undervalued prices.

The rise of a new type of entrepreneur, offering online quotes and quick money to homeowners who are behind on their repayments, if they bypass real estate agents and accept a deal to sell within days.  

Mr Samuel said he was concerned at the emergence of opportunists, who were using the Internet and posters taped to light poles to tout for business from distressed owners.  



He urged people who had been approached to contact the ACCC, so it could take action.

"These operators are akin to some well-known operators in the securities market,'' Mr Samuel said.

"The courts have found that when dealing with consumers under stress, people who take advantage of this unfairly are potentially in breach (of the Act).

"The law would permit us to take injunctions to prevent unfair sales.''

The ACCC will today launch a new section on it website, called managing your mortgage, offering advice to people experiencing mortgage stress or who are struggling to meet their mortgage repayments.

Mr Samuel said it was vital for people in financial difficulties to seek help early and know their rights.  

The ACCC began investigating the activities of property predators after concerned western Sydney residents approached Assistant Treasurer Chris Bowen and Blaxland MP Jason Clare.

"Homeowners ... need to be aware of superficially attractive `quick-sell' techniques of certain home-buying companies, as well as offers to refinance a loan that may leave a family even worse off than before,'' Mr Bowen said.

Home repossessions in Sydney have more than doubled in three years.  

Why do you care nail, you are the one saying real estate is a horrible investment?

and as usual, toenail misses the point. it is about REAL predators - not the ones YOU accuse (which is everybody more successful than you - most people)

Sir lastnail wrote on Jan 12^th, 2011 at 10:50pm:


You are the one who has said you have no sympathy for people who paid far too much for their properties.

Desperate people do desperate things.

This isnt a scam by the way.  A person offers a price, another accepts it.  Those in mortgage stress didnt have to accept the offer now did they.

If the Royal Commission was onto the Building Industry a while back ...I'm pretty sure their 'partner's in crime' - the Real Estate Industry was just as bad.
I think there is only 10% "trustworthy" Real Estate Agents out there.

...I'm so glad I live in a Garage (unless Work gives me one of their "free" houses on the property )

Verge wrote on Jan 14^th, 2011 at 11:19am:


We're not talking about businesses mate. We're talking about silly people who got sucked into this property bubble because you and rest of the real estate scum went crying to the government to dole out bigger first home buyers scams in order suck people like this in. Now that they can't pay it off you want to steal from them the second time around Is this your idea of a wealth creation strategy ?? I can just see another book being written about it now. "10 easy steps to an early retirement" - stitch up the punters and then rip them off

Verge wrote on Jan 14^th, 2011 at 7:23pm:


That makes you a parasite.

When the bubble was being inflated out of all proportions how many of you property scumbags profited from the bad advice given by the likes of the realestate institute of victoria who egged prospective first home buyers to buy straight away or miss out on the great property boom of the century ??

Now that the bubble is deflating and you have made a quick buck you are now blaming the very people that you ripped off for making bad financial decisions, when what you should have been telling them all along was that Australia was no less vulnerable to a property crash than other countries that had already experience major property crashes or corrections. 

That's why you property speculators and investors are hypocritical scum bags Next time use your own money to dole out first home buyers scams instead of running to the government like crying little girls just like your grizzling libbo mate Gerry GE.

Courage?! More like he doesn't have the money to do so. The banks won't give the Nail a loan. All he can declare for his assets are a stack of stained pornographic magazines and his IBM 386 which he uses to access the internet and this forum.