The prominent role of Sydney law firm RL Kremnizer & Co and its related mortgage origination business Bleier Mortgage Corporation in sourcing sub-prime loans to a select list of mortgage funders receives an airing in the
Sydney Morning Herald.
The context of the SMH report is, partly, the forthcoming hearing in the New South Wales Court of Appeal over a ruling by a lower court in October 2006 that a Sydney couple, Michael Cook and Karen Cook, need not pay certain mortgage fees but must still pay principal and interest.
Latrobe Financial, through Permanent Trustees, provided the loan to the Cooks in what was the fifth such loan in a chain in which Bleier and Kremnizer acted for the borrower on three occasions, with the Cooks repeatedly in default.
The Cooks, with assistance from the Legal Aid Commission of New South Wales, are seeking further relief.
The SMH reported that since the judgment, Kremnizer curtailed its lending practices and no longer lends to clients in default.