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I think Shadow is trying to argue a legal point rather than a practical point of view.

Maybe the Treasury document is from Godwin Grech :)

The loan contracts refer to the T&C as an annexure to the contract because otherwise if they kept changing the T&C they would have to reissue a new contract to you each time for signing. Now that would be an administrative/legal nightmare.

Houses which would be underwater are most likely those that have LMI. So actually it isn't the bank's problem if they are conforming to the requirements of their agreement with the mortgage insurer. When/if they breach that agreement do you see major problems on the horizon.

Amazing how we all sign loan contracts all the time yet this small detail is not picked up upon or memorised...then again it's probably not that important in the grand scheme of things.

Usually the bank can call in the loan whenever they want, as long as they give you 90 days notice. This wouldn't be tested by a magistrate - it would go straight to the federal court.