Parliament passes new laws to protect home owners
Source: New South Wales. Minister for Lands. Media Release.
"Minister for Lands, Tony Kelly, said legislation to stop banks and other financial institutions from holding firesales of defaulted mortgages has been passed by the Parliament. Mr Kelly said the new laws require banks and financial institutions involved in ‘mortgagee in possession’ sales take all reasonable steps to ensure the property is sold at ‘not less than the market value’."