Pioneer Mortgage Services v Columbus Capital [2015] FCA 1067
A securitisation funder bought a loan book associated with mortgages originally funded by a bank and became subject to the bank’s obligations in its origination deeds. The originator’s employee stole money from borrowers by carrying out fraudulent redraws, which went undetected for 7 years because the originator had no system in place to cross-check redraws …
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